Chainlink Price Drops Over 50% as ETF Demand Fades
- Price Decline: Chainlink's price has retreated for three consecutive days, currently at $13, reflecting a drop of over 50% from its August peak, indicating waning market demand for its exchange-traded funds (ETFs) which may lead to decreased investor confidence.
- Market Capitalization Drop: The market capitalization of Chainlink has fallen to over $9.3 billion, highlighting its threatened position in the crypto market, especially when compared to other popular altcoins like XRP and Solana, which have attracted over $1.2 billion in ETF inflows since their launch.
- ETF Underperformance: The Grayscale Chainlink ETF has seen no inflows in the past two days, with cumulative net inflows at only $63.32 million and just $4.1 million this month, significantly lower than last month's $59.1 million, indicating a persistent decline in investor interest in the fund.
- Token Supply Changes: Despite Chainlink's strategic reserve growing to 1.5 million tokens valued at over $19.8 million since August, the supply on exchanges has decreased from 156 million in October to 122 million, reflecting insufficient market demand for its tokens.
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Technical Analysis for LINK
Technical Sentiment Analysis for Chainlink (LINK) As of , Chainlink (LINK) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 3 technical signals, shows that 0 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for LINK stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, LINK is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Chainlink (LINK) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 3.549 | 5.35 | 7.239 | 9.04 | 10.929 | 12.73 | 14.619 |
| Fibonacci | 5.35 | 6.759 | 7.63 | 9.04 | 10.449 | 11.32 | 12.73 |
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