Chainlink's (LINK) price performance is struggling amidst uncertain market conditions leading to losses for investors. Despite a drop in selling pressure from short-term holders, which signifies a reduced immediate sell-off risk, broader market conditions prevent LINK from rallying.
The significant decrease in the dominance of short-term holders from 7.37% to 2.9% over the last month indicates a potentially more stable investment base. However, technical indicators like the Ichimoku Cloud maintain a bearish outlook, suggesting ongoing downward pressure.
Despite a temporary 30% price increase, LINK's price quickly receded, failing to sustain the bullish momentum. The altcoin currently trades between $10.79 and $12.35. If the price falls below $10.79, LINK could see a drop to $9.35, erasing recent gains.
For LINK to recover from its July crash and sustain growth, it must breach the resistance level of $12.35 and support a rise toward $13.00 and beyond. This would counteract the current bearish-neutral outlook.
