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On-chain movements for ChainLink are showing bearish trends as the asset experiences another dip, prompting some investors to either take profits or offset their losses.
ChainLink’s Recent Performance
ChainLink (LINK) recorded a bullish trend in September, while the broader crypto market was predominantly bearish. LINK surged from $9 to $13 within the last three weeks of the month. However, it started October with a sharp decline to the $10 mark.
On-Chain Indicators Signal Potential Downfall
As LINK attempted to recover over the past two weeks, on-chain indicators pointed to a potential decline. According to data from IntoTheBlock, the number of ChainLink daily active addresses (DAA) in profit rose from 155 to 600 over the past week as the asset surpassed the $12 mark.
A surge in the asset’s DAA in profit suggests that some investors are looking to take profits amid high price volatility.
Despite the price increase, the number of DAA in loss also rose from 222 on October 20 to 263 on October 22. This movement indicates that some long-term holders might be offsetting their losses. In both scenarios, LINK’s bullish momentum could likely face a selloff.
Market-Wide Influence
It’s important to note that any market-wide bullish momentum could potentially affect ChainLink positively. Data from IntoTheBlock shows that whale transactions consisting of at least $100,000 worth of LINK increased from 54 on October 19 to 134 on October 22. The total value of these transactions reached $361 million over the past week.
Current Market Status
LINK has declined by 1.75% in the past 24 hours and is trading at $11.78 at the time of writing. The asset’s market cap is currently at $7.38 billion, with a daily trading volume of $320 million. The increasing trading volume and the high number of whale transactions typically bring high price volatility.
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