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LINK Summary
Market dynamics show cautious position positioning, and network growth enhances price prospects.
LINK fell sharply to about US$11.56 from a September high of nearly US$13.70 after experiencing heavy selling. The Relative Strength Index (RSI) was 31.58, close to oversold territory, while the MACD indicator remained bearish. Trading volume fell to $507.51 million, and open interest fell to $645.9 million. Analyst More Crypto Online pointed out that US$12.30 -13.21 is a key range for observing recovery. Sanitation data shows that despite the price decline, LINK's new and active addresses remain near recent highs.
Chain link (LINK) token callback analysis
Chain link (LINK) token showed a significant correction after a strong rise earlier this month. The token climbed from less than $9.50 to a high near $13.70 in September, before sellers dominated. This rally was quickly followed by a retreat, and LINK has now fallen to about $11.56 in a downward pattern at a lower low.
The decline brought LINK back into its trading range at the end of August. Traders often focus on such old ranges because buyers have previously defended price levels here.
Momentum readings reflect selling pressure. The Relative Strength Index (RSI) is at 31.58, close to oversold levels. The MACD indicator has also entered the bearish territory further, its signal line is going downward, and the red histogram is gradually getting larger.
Link price trend on CoinGecko
Market activity shows cautious position positioning
Derivatives data suggests traders are backing away. CoinGlass data showed that trading volume has dropped to $507.51 million. Open interest also fell, currently at $645.9 million. The simultaneous decline in trading volume and open interest usually means that leveraged positions are being closed.
Analyst More Crypto Online shared a chart labeling this trend as a (A) wave in a larger ABC correction. The analyst pointed out that US$12.30 to US$13.21 is the first resistance range to pay attention to, saying that breaking through this range may support recovery, while continued rejection will continue to put pressure on LINK.
Internet growth strengthens price prospects
Although the price trend has weakened, online data tells a different story. Sanitation Intelligence data showed that the number of new addresses per day rose from about 974 in early August to a peak of 1,601, and then stabilized at around 1,140.
Chain link attracted a wave of new wallet users in late August. The following are the content displayed in the data and the content that cannot be displayed:
- New addresses: At the beginning of August, 974 per day, with a peak of 1,601, and currently 1,140. About a quarter of the surge was sustained.
- Active addresses: increased from 3,599 to 5,572, currently 4,821. Approximately accounted for...
Active addresses followed a similar path, climbing from about 3,599 to a peak of 5,572 and currently sitting near 4,821. Sanitation Intelligence released that compared to recent Solana and Ethereum activities, this address growth appears to be chain-link-specific, indicating that network usage remains robust even with price revisions.
Address counting also has its limitations. They cannot show whether the same batch of users are returning or new users are joining.
Traders are now closely watching the US$12.30 -13.21 range, combining RSI, MACD and open interest contracts to determine the next directional move. If a solid foundation is formed near the current level and volume increases, it will be the clearest signal for buyers to re-enter.
