Chainlink Rally Slows Down
If you’ve been following Chainlink, you may have noticed that the rally has slowed down recently. Over the past weekend, the coin was above $16, but it has since seen a drawdown in the past couple of days.
In the last 24 hours alone, LINK has dropped around 6%, causing its price to slip below $14. Despite this, the cryptocurrency is still up over 90% in the past month, showing impressive returns.
LINK On-Chain Metrics
Now you might be wondering if the rally has hit its peak or if there is more to come. To gain some insight, let’s look at on-chain data. According to market intelligence platform IntoTheBlock, about 56% of Chainlink’s investors were sitting on some profit when they made their latest post.
They also shared data on the number of transactions and netflow, which tracks accumulation/distribution behavior for LINK holders with more than 1% of the supply.
Looking at the chart provided by IntoTheBlock, it’s clear that large Chainlink holders have been buying recently, potentially signaling a positive sign for the asset. While this doesn’t guarantee a restart of the rally, it does provide some support for the idea.
Hot Take: Is There Hope for a Chainlink Rally Restart?
The recent drawdown in Chainlink’s price may have caused some concern, but on-chain metrics show that there is still potential for a restart of the rally. With over 90% gains in the past month and large holders buying more LINK, there is still hope for a resurgence in Chainlink’s momentum.
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