Token Spotlight: Chainlink (LINK) and price recovery momentum in 2023
Since reaching its peak in April at 8.6 USD, the price of LINK has been consistently declining. Recent on-chain data suggests that there are signals of a bottoming out for LINK at around 5 USD. The number of LINK transactions (over 100,000 USD) has increased by nearly 400%.
This indicates that LINK holders are shifting towards accumulation and are reluctant to sell, which could provide the impetus for a price recovery in the near future.