Chainlink Bulls in Peril: Is $13.4 the Last Hurrah Before the Wagon Rolls Downhill?

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  • Chainlink’s on-chain hullabaloo suggests holders are itching to sell faster than a snake sheds its skin 🐍
  • Exchange position change is marching northward—bad tidings, LINK bulls might wanna keep their hats on

If you squint just right and look past all the ruckus, you’ll see that Chainlink [LINK] has been strutting around like a proud rooster among the crypto market’s big birds, notching up a 13.2% bump this week. Not that long ago, on June 19th, LINK was sitting pretty at $13.38—then, ten days ago, it tripped, slipped, and landed face-first at $10.94. Happens to the best of us.

This little tumble followed Bitcoin [BTC] itself having a classic meltdown to $99k. Why the sudden case of the vapors? Well, global politics and a few missiles will do that: Israel-Iran bickering and the U.S. lobbing bombs around sent everyone running for cover, including your friendly neighborhood crypto projects.

Now, the sentiment looks recovered. Or pretends to, like an old gambler swearing this is the hand that turns it all around. But as for Chainlink holders? Their “long-term conviction” is about as firm as wet cardboard.

On-chain snooping spies more frantic token movements than runaway stagecoaches. That’s usually not the signal you want if your hopes are riding bullish. If it quacks like panic…

Is Chainlink Wearing a “Kick Me” Sign at the Top?

Once upon a time, Chainlink devs were busy as beavers, stacking code like cordwood compared to your average DeFi project. But since April, that buzz has quieted down. Investors twiddling their thumbs, trying not to notice the dropping activity while assuring each other everything’s fine. Sure, LINK’s still putting in more elbow grease than a lot of these lazy altcoins, so no need to faint just yet.

If you’re on Team Bull, you might wanna put the victory dance on ice. Every time LINK sniffs that $12 “demand zone,” it seems to inspire more sell signals than lemonade jugs in July. Dormant circulation spiked on March 14th when LINK tried to leap off $12 support and again on June 20th as it faceplanted toward $11. Turns out, when coins start moving around like this, that’s typically code for “I’m looking to sell, partner!”

And when sniffing around mean coin age, the signs of network-wide accumulation are thinner than a frog’s hair. Folks seem more interested in unloading at any profit than holding strong—they’re not exactly the HODL cavalry. More like bandits grabbing loot and fleeing at the first sign of trouble.

The “exchange net position change” lets you peek into the wallets of the big exchanges. If that number’s climbing, you can bet your last nickel more folks are tossing LINK onto exchanges than pulling it off—classic sign they’re ready to sell and skedaddle.

Take a stroll through late 2024 and early 2025: every time that number went up, prices went the other way faster than a mule crossed with a jackrabbit. Even when Chainlink rallied up to $15.5 in March, it had about as much staying power as a soap bubble in a cactus patch, thanks to relentless sellers.

Fresh as of June 20th, another uptick on that exchange position change. That’s once again the market saying, “Who wants a bag of LINK?” Not exactly the sound of bullish confidence thundering on the plains.

So here we are, with Chainlink fiddling at $13.4, trying to look tough in front of nearby $14 resistance. But the past ten days have been all about sellers dumping quicker than a cat on a hot griddle, and the road ahead looks slick. Odds are, LINK has found its local top for now—so bulls might want to stash those moon boots away and grab a life vest. 🤠🌕

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2025-06-30 06:19