Chainlink’s on-chain activity has weakened significantly, with transaction count dropping 92.6% from 5.2 million to 386,000 and total users falling from 2,700 to 1,000. Despite this, analyst Ali Martinez highlighted bullish signals including an MVRV golden cross, increased whale activity, and a TD Sequential buy signal on the monthly chart. The $8.80 resistance level remains a key barrier, and a breakout could lead to a 22% rally toward $10.77. However, the 1‑day price chart remains bearish with flat volume indicators, and the $10 area is a key resistance zone.
Chainlink’s on‑chain activity has declined sharply, with transaction counts dropping from 5.2 million to 386,000 and total users falling from 2,700 to 1,000. The $8.80 area has acted as a key local resistance zone, and bulls have struggled to push the token past this level since mid‑June.
Crypto analyst Ali Martinez pointed to several signals suggesting bullish potential. The MVRV ratio has formed a golden cross by moving above its 200‑day moving average for the first time in over a year, a pattern that historically preceded a 155% rally in November 2024 and an 85% move in July 2025.
Whale activity has increased over the past four days, and the TD Sequential gave a buy signal on the monthly chart. Only the $8.80 resistance stands in the way of the bulls, and a break above that level could lead to a 22% rally toward $10.77.
Despite these bullish signals, the 1‑day price chart remains bearish, with the swing structure still favoring sellers. Volume indicators, including CMF and OBV, remained flat, while the A/D line was slowly trending higher but not confirming strong buying pressure.
Key overhead resistance zones include the $8.80–$9.00 area and the 78.6% Fibonacci retracement level at $10.04. For the structure to turn bullish, LINK must push past the $10.87 swing high; until then, sellers retain the advantage.
