Although most altcoins are on the rise from time to time and experience new ATHs, Chainlink has unfortunately failed to show the momentum expected from it, despite its promising future.
In fact, unlike many coins, it cannot go beyond repeating its past. As a matter of fact, the coin, which repeats its price history in May (it has dropped 33% in the last 10 days), has made a strong start this month, but is currently trading at $ 25.76, down over 5%.
On the other hand, Chainlink’s main problem is not that it has been falling for a long time, but that it has not been rising for a long time. Aside from not seeing a new ATH, the LINK price, which still ranges from $35 to $25 on a macro scale, was only able to test the support line.
In the six-month period, the price experienced a maximum movement of 0.39%. Solana and Shiba Inu, which are considered to be the strongest altcoins, recorded astonishing rises.
LINK, which rose to 15th place for a period, is currently in 19th place. As such, 27% of LINK investors, who are seriously frustrated, hold the coin supply. However, there is a noticeable decrease in the number of active addresses.
In addition to these, continuously active LTH sales since May also caused the supply on the exchanges to increase. When all these reasons come together, it is commonplace for Chainlink’s network growth and market cap to be nearly unsatisfactory. If the downward trend in question continues, unfortunately, it may be unable to maintain its place in the top 20.
Despite all this, the long positions (uptrend position) opened by institutional investors on LINK continue to increase as the price decreases. This can make LINK rise with an unexpected momentum even if it is in a downtrend.