Chainlink [LINK] breaks through key resistance level- Opportunities ahead for short sellers?
This was followed by a surge in on-chain volume back to the previous monthly high.
A bearish retracement ensued the last time that the volume peaked at the same level. A retest of this same level carries a higher probability of yielding similar results.Another metric that currently highlights a potential retracement is the realized cap metric which was approaching the lower 4-week range, at press time.
A sell signal was observed the last time that the metric dropped to the lower range, coupled with a strong uptick in mean coin age.This time the mean coin age achieved a new monthly high. But the key determinant of sell pressure was whales. The latest supply distribution data revealed that there was still some buying pressure in the market.
However, the largest whales contributed to selling pressure in the last 24 hours, at the time of writing.reveals that addresses holding between 100,000 to 1 million LINK and those holding over 10 million LINK started selling. These two categories collectively control over 60% of the circulating supply. Hence their activities are likely to have a major impact on the market. It means there might be a solid opportunity for short sellers to benefit based on this assessment.Subscribe to get it daily in your inbox.
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