Chainlink (LINK) Facing Challenges Amid Profitable Supply Surge
Chainlink Investors Might Move to Sell
Chainlink's price rise led to LINK investors securing profits, potentially triggering sales. The recent correction saw the profitable LINK supply drop from 84% to 70%, representing a significant value.
Market Value and MVRV Ratio Analysis
The MVRV ratio indicates potential profit-taking as Chainlink's 7-day MVRV stands at 11%. The historical correlation between MVRV levels and corrections suggests a possible downward move in LINK's price.
LINK Price Prediction: Overcoming Resistance
Despite facing resistance at $15.6, breaching this level could initiate a recovery towards $18. If the $17 barrier is flipped into support, Chainlink may invalidate bearish expectations and rally further.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.