Since Q2, many altcoins including Chainlink (LINK) have struggled, leading to a market marked by uncertainty and fear.
One metric, price-Daily Active Addresses (DAA) divergence, highlights Chainlink's weak performance. A negative DAA divergence implies a disconnect between price and user engagement, signalling bearish trends.
The In/Out of Money Around Price (IOMAP) indicator shows that many addresses are out of money, providing further resistance and suggesting a potential price drop to $9.72.
Despite a brief surge, LINK's price dropped 19.38%, indicating a false breakout. Resistance at $10.73 makes further declines more likely, though a broader altcoin market resurgence could push LINK past this point.
