Chainlink Plunges to $11.56 as Sellers Gain Momentum
Chainlink's native token LINK has retreated to $11.56 after a rapid climb to nearly $13.70 earlier in September.
The swift correction follows a rally from below $9.50, with sellers gaining momentum and driving the price down.
Traders are now watching key technical indicators, including the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD), which have shifted bearish.
The RSI has fallen to 31.58, approaching oversold territory, while the MACD's signal line is dropping and red histogram bars have grown larger, indicating increased selling pressure.
Data from derivatives monitoring platforms shows that trading activity has cooled, with LINK's trading volume dropping to $507.51 million and open interest standing at $645.90 million.