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\t\t\t\t\t\t\t\tPosted: September 1, 2023 Chainlink [LINK]<\/span><\/a> has been following a bearish market trend as its price action plateaued over the last week. But the coming week might be different, as a few of the key metrics looked bullish on the token.\u00a0<\/span><\/p>\n Realistic or not, here\u2019s<\/span> LINK\u2019s market cap in BTC\u2019s terms<\/span><\/a>\u00a0 \u00a0<\/span><\/p>\n Its supply on exchanges fell into a pattern of late that has historically been followed by uptrends. Regardless, there is a catch in the story.<\/span><\/p>\n According to<\/span> CoinMarketCap<\/span><\/a>, LINK\u2019s price had dropped by over 1% in the last seven days. At the time of writing, it was trading at $5.98 with a market capitalization of over $3.2 billion. <\/span><\/p>\n However, investors might witness higher volatility over the coming days. Inasmuch, Santiment\u2019s recent tweet pointed out an interesting development.<\/span><\/p>\n \ud83d\udd17\ud83e\udee1 #Chainlink<\/a> has hit a key level that has historically foreshadowed a price rebound. Presuming #Bitcoin<\/a> and the overall #crypto<\/a> sector stays relatively stable, $LINK<\/a>‘s drop in exchange supply (currently just 15.5%) is hinting at a #bullish<\/a> divergence. https:\/\/t.co\/2GnsaNRv0O<\/a> pic.twitter.com\/7X7b7p4hSr<\/a><\/p>\n \u2014 Santiment (@santimentfeed) August 31, 2023<\/a><\/p>\n<\/blockquote>\n As per the tweet,<\/span> LINK<\/span><\/a> has hit a key level that has historically foreshadowed a price rebound. The token\u2019s supply on exchanges reached a low, suggesting that investors could expect a price uptick in the coming days. <\/span>Similar episodes happened in December 2022 and June 2023. <\/span><\/p>\n However, despite these promising updates, whale activity around the token raised a few concerns. <\/span><\/p>\n Crypto analyst ali_charts, via a tweet on 31 August, pointed out that during June\u2019s price correction, whale transactions and their holdings rose. But the situation at press time was different. <\/span><\/p>\n On this occasion, whale transactions were declining while their holdings stayed steady, which was not something in investors\u2019 best interest.\u00a0<\/span><\/p>\n #Chainlink<\/a> | Unlike the June $LINK<\/a> price correction \u2014 where whale transactions and their holdings rose as prices fell \u2014 this time, we’re seeing whale transactions decline while their holdings stay steady. <\/p>\n This isn’t good! If #LINK<\/a> breaks below the $5 support level, expect a\u2026 pic.twitter.com\/1V6P0C2ylT<\/a><\/p>\n \u2014 Ali (@ali_charts) August 31, 2023<\/a><\/p>\n<\/blockquote>\n Though whale activity suggested that<\/span> LINK<\/span><\/a>\u2019s price may not go up, a few of the other metrics looked bullish. For instance, the token\u2019s MVRV Ratio improved over the last few days, which is a positive signal. <\/span><\/p>\n LINK\u2019s network growth also remained high, meaning more new addresses were created to transfer the token. <\/span><\/p>\n Additionally, Chainlink\u2019s exchange outflow was high, which meant that investors were accumulating in hope for a price uptrend. On top of that, LINK\u2019s<\/span> Open Interest<\/span><\/a> declined slightly while its price fell. A drop in the metric usually initiates a trend reversal.<\/span><\/p>\n Source: Santiment<\/p>\n<\/div>\n Read <\/span>Chainlink\u2019s [LINK] Price Prediction<\/span><\/a> 2023-24<\/span><\/p>\n Moreover, the token\u2019s market indicators also suggested that the possibility of<\/span> LINK<\/span><\/a>\u2019s price turning bullish was high. Chainlink\u2019s Relative Strength Index (RSI) and Money Flow Index (MFI) gained upward momentum and were headed towards the neutral mark. <\/span><\/p>\n The likelihood of a bullish crossover was also indicated by the token\u2019s MACD, which raised the prospect of a price rise in the coming days.\u00a0<\/span><\/p>\n
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\nChainlink has a lot going on\u00a0<\/strong><\/h4>\n
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This is what investors can expect<\/strong><\/h4>\n
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