Chainlink’s price has held above $8 amid significant accumulation by long-term holders. Data from Glassnode shows the Holder Accumulation Ratio recently surged to 74.8%, indicating strong buying conviction. However, a recent analysis suggests short-term holders are selling at a loss, and the final capitulation from long-term investors may not yet have occurred.
Chainlink bulls have successfully defended the $8 price support level over the past two weeks. The Chainlink reserve concurrently climbed to 2 million tokens, valued at approximately $17 million.
The positive Spot ETF inflows to LINK also reflected steady demand for the altcoin. The token was reported to be trading within a long-term symmetrical triangle pattern.
The Holder Accumulation Ratio metric measured by Glassnode has soared to 74.8% this month. This ratio had been below the 67%-69% area for most of the past two years.
Data from Santiment showed the 90-day MVRV ratio was 24.29%. This meant that the average LINK buyer in the past three months was facing a 24% loss.
The 90-day Mean Coin Age has plunged considerably in recent weeks. This indicated that the short-term holder cohort was aggressively selling tokens.
Meanwhile, the 180-day Dormant Circulation remained quiet and the 180-day Mean Coin Age continued its steady uptrend. These metrics suggested longer-term holders were sidelined or accumulating.
Overall, it remained possible that Chainlink bulls can recover from recent setbacks. However, there was a more pessimistic view that investors should consider, too.
The final capitulation from the long-term holders has not yet taken place. Therefore, there is no rush to buy, and LINK prices may face another bearish impulse wave.
