Chainlink (LINK) price scored an 8% rebound on Wednesday, August 23, despite the prevailing FUD in the altcoin markets. Will investors hold out for a price breakout to avoid booking double-digit losses? 

Against the run of play, Chainlink (LINK) price registered a rare 8% price increase on August 23. On-chain analysis examines if LINK is on the verge of a price breakout or if the bears could reverse the gains in the coming days. 

Long-Term Investors are Holding Firm

Recent landmark partnerships and network integration announced by the Chainlink team appear to have inspired confidence among long-term investors. Indicatively, after a noticeable blip last week, LINK Mean Coin Age dipped toward 35.70. But as of August 23, it has reached 40.3, representing a 13% increase. 

The Mean Coin Age data is a vital measure of the overall sentiment among long-term investors. It is derived by estimating the average number of days coins in circulation have spent in their current wallet addresses.  

An uptrend in Mean Coin Age indicates a positive disposition among the long-term investors on the Chainlink network. 

If they continue to HODL, the Chainlink (LINK) could enter a sustained price breakout. 

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Author: Ibrahim Ajibade

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