According to the article, Chainlink’s whale accumulation has reached new highs in recent days. However, market indicators are favoring the bears, and the increase in accumulation was not enough to maintain the token’s uptrend. Additionally, Chainlink’s transaction count and network growth have plummeted. On a positive note, buying pressure remains high, and the token’s supply on exchanges has declined while its supply outside of exchanges has increased. The token’s MVRV Ratio and one-week price volatility have decreased, indicating a lower chance of a sudden uptrend. The article also mentions that most indicators on Chainlink’s daily chart support the sellers, and the MACD displays the possibility of a bearish crossover.
AI Sentiment: Negative
