Chainlink Token Plummets as Sellers Take Control

Chainlink's LINK token has experienced a sharp decline in price, falling from its September high of $13.70 to around $11.56 due to strong selling pressure.

Technical indicators such as RSI and MACD are showing bearish momentum, indicating that traders may be closing leveraged positions.

However, on-chain data suggests that the Chainlink network is still experiencing growth, with new and active addresses reaching recent peaks.

Analysts have identified a critical resistance zone for LINK between $12.30 and $13.21, which could signal a potential recovery if broken or continued pressure if rejected.