Chainlink reserves grow, yet LINK fails to break above $10: Why?
Chainlink's LINK reserve has grown by 131,905 tokens (worth over $1.1 million), bringing total holdings to 2.79 million LINK. This reflects strategic accumulation and reduces circulating supply, yet the price remains stuck below the key $10 resistance level.
LINK is trading in a bearish pennant pattern with lower highs and fragile support. A breakdown could push prices toward $5.77. The RSI at 46.37 indicates weakening momentum, with buyers failing to regain control.
Exchange netflows have declined by 15.31%, reducing immediate sell-side pressure, but demand remains subdued. Liquidation data shows long positions ($55.8K) are being closed more aggressively than shorts ($24.59K), reinforcing bearish sentiment.
Despite improving fundamentals like supply and reduced exchange inflows, price action and market positioning suggest continued downside risk unless buyers break above $10.
ambcrypto03/27 15:01
