Chainlink (LINK) price exhibits bearish signals, but considering the broader market cues as well as LINK holders’ behavior, a different route is the likely outcome.

This could lead to a recovery for LINK, and at the same time, it could also result in a confirmation of potential consolidation.

Chainlink Investors Go Bullish

Chainlink’s price has been under $15 for the entirety of this month, and its recent attempt at breaching $14.5 resistance failed. However, the same sentiment does not resonate with investors who continue to remain optimistic about a rise.

This is evident in the decline in active deposits over the past two months. Active deposits refer to the movement of tokens from investors’ wallets to the exchange’s wallet. This represents the potential for selling.

Declines in this metric are thus a bullish signal as it means LINK holders are choosing to HODL their assets. 

In addition, traders are also pining for a rise in the price, given the funding rate has steadily increased. The funding rate reflects the cost of

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Author: Aaryamann Shrivastava

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