15% weekly gains for LINK despite ongoing selling by holders – what are the reasons?

Chainlink (LINK) observed a notable 15.25% surge in its price over the past week, despite long-term holders continuing to sell. Bullish market sentiment, sparked by potential ETF news, contributed to a temporary rally. Current conditions hint that ongoing selling pressure could impact future price trends.

The dominance of spot buyers has been a key factor in LINK’s recent gains, helping to absorb some selling pressure. However, the net position of long-term hodlers remains negative, suggesting many are liquidating their investments. For LINK to achieve a robust uptrend, the $16 supply level must be reclaimed.