Chainlink has been expanding its ecosystem, which has piqued the interest of long-term holders. Notably, Chainlink Labs partnered with Fireblocks, and its Cross-Chain Interoperability Protocol is now live on ZKsync’s Era Mainnet. This led to a significant movement in long-held tokens.
Despite a spike in the age consumed metric to 50.51 million, signalling possible market trend shifts, LINK’s price briefly surged to $10.63 before settling at $10.58. The Network Realized Profit/Loss metric dipped, indicating short-term capitulation of 'weak hands' and a potential price bottom.
Technically, Chainlink's price is below its 20-day EMA, suggesting a downtrend. If selling pressure increases, the price could drop to $8.08, a level previously seen in early August with significant liquidations. However, if the market trend shifts, Chainlink could rebound towards resistance at $11.24, with further potential up to $17.22.
