Chainlink (LINK) has been one of the stronger performers in the market, rallying more than 109% over the past year. Even in the last three months alone, the LINK price has gained about 68.5%.

But the past week has revealed weakness, with the token slipping more than 9%, and both on-chain metrics and technical charts now suggest the year-long uptrend may be losing steam, at least for now.

Profit-Taking Pressures Mount As Holders Sit in Gains

One of the clearest signs comes from the percentage of LINK supply in profit, which is still hovering at historically high levels.

As of August 29, nearly 87.4% of the circulating supply is in profit, close to the recent peak of 97.5% seen on August 20. That peak coincided with the LINK price rally to $26.45, which quickly retraced by over 6% to $24.82 the following day.

A look further back shows the same pattern. On July 27, the supply in profit stood at 82.8%, just before LINK corrected from $19.23 to $15.65, making a 1