\t\t\t\t\t\t
<\/p>\n
- \n
- LINK has room to explore more downward price action.<\/em><\/li>\n
- LINK\u2019s long-term outlook remained favorable, courtesy of Chainlink\u2019s rapid expansion.<\/em><\/li>\n<\/ul>\n
Chainlink [LINK]<\/a> concluded the first week of October with a bearish outcome, after previously achieving a substantial rise from its lowest level in September. The pullback could be the start of a broader pullback that may prevail for the next few weeks, and here\u2019s why.<\/p>\n
\nIs your portfolio green? Check out the LINK Profit Calculator<\/a><\/p>\n
\nIf we zoom out on LINK\u2019s price chart, we observe that its price pattern has been moving within a support and resistance range. The descending resistance<\/a> has been active since November last year, with retests taking place in April, July, and October (a few days ago).<\/p>\n
LINK retraced after its latest resistance retest by as much as 13%, but the sell pressure has cooled down slightly.<\/p>\n
LINK exchanged hands at $7.67 at the time of writing. But can it sustain the sell pressure that we recently observed in the market? Well, there are signs that it could be headed for more downside.<\/p>\n
For example, LINK has established an ascending support pattern for its lower range, which means it has some room for the bears<\/a> before the next support retest.<\/p>\n
Let\u2019s take a look at some of the metrics that offer some insights into the current demand situation. LINK\u2019s on-chain volume dipped to its lowest weekly level in the last 24 hours at the time of writing.<\/p>\n
We also observed a consistent dip in investor sentiment during the same period, indicating a loss of confidence among traders.<\/p>\n
![\"LINK](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/ChainLink-on-Ethereum-LINK-18.22.09-08-Oct-2023.png\")
<\/a><\/p>\nSource: Santiment<\/p>\n<\/div>\n
Whales are keeping LINK subdued<\/strong><\/h4>\n
Perhaps whale activity<\/a> is better suited to revealing the next potential impact. According to the supply distribution metrics, some whales have been buying LINK in the last four weeks, and recently reached a monthly high. This included addresses holding between 1,000 \u2013 10 million LINK.<\/p>\n
However, the most important whale category is addresses holding between 10 million \u2013 100 million coins (indicated in green). This is because they currently control the majority of LINK\u2019s supply in circulation at 51.95% as per the latest analysis.<\/p>\n
This whale category has been contributing to most of LINK\u2019s sell pressure in the first week of October.<\/p>\n
![\"LINK](\"image\/svg+xml,%3Csvg%20xmlns=\")
![\"LINK](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/ChainLink-on-Ethereum-LINK-18.50.59-08-Oct-2023.png\")
<\/a><\/p>\nSource: Santiment<\/p>\n<\/div>\n
\nHow much are 1,10,100 LINKs worth today<\/a>?<\/p>\n
\nThe above observations indicated that there is still a substantial amount of sell pressure coming from some whales. As a result, keeping prices subdued and could be the reason for more capitulation.<\/p>\n
But what about the long-term? Well, Chainlink is still growing and expanding its sphere of influence, especially through price feeds and oracle data. This could fuel a favorable outcome for LINK holders in the long term.<\/p>\n
\n
The rapidly expanding Web3 ecosystem is underpinned by #Chainlink<\/a> Price Feeds. <\/p>\n
Integrate the GNS\/USD Price Feed on @arbitrum<\/a> to build secure DeFi markets around @GainsNetwork_io<\/a>\u2019s token.https:\/\/t.co\/wRqfcafZW2<\/a><\/p>\n
- LINK\u2019s long-term outlook remained favorable, courtesy of Chainlink\u2019s rapid expansion.<\/em><\/li>\n<\/ul>\n