Chainlink (LINK) price is nearing the key support zone, trading below $22 on Thursday as selling pressure from profit-taking intensifies.
Chainlink price approaches its key support zone, with a firm close below potentially triggering a deeper correction.LINK’s Net Profit/Loss chart indicates that holders are realizing profits, which increases short-term selling pressure.
Despite this, exchange netflows recorded their highest outflow, suggesting some investors are accumulating the dip.Chainlink price is nearing the key support zone, trading below $22 on Thursday as selling pressure from profit-taking intensifies. While on-chain data highlight short-term bearishness, strong exchange outflows signal that some investors are accumulating, pointing to a mix of caution and optimism in the market.Chainlink holders realized profitsSantiments’ Network Realized Profit/Loss metric indicates that Chainlink holders are booking some profits after the price dips this week.As shown in the chart below, the metric experienced a strong spike on Monday and Tuesday, indicating that holders are, on average, selling their bags at a significant profit, thereby increasing the selling pressure.LINK NPL chart. Source: SantimentSome signs of optimismDespite some holders’ profit-taking activity, investors continue to buy the dips. CryptoQuant Exchange Netflow at all exchange metrics shows a negative netflow of 15,133 on Monday, the highest outflow since its launch. This negative flow indicates that investors are withdrawing LINK tokens from exchange wallets, which is generally a bullish sign, as investors are likely sending LINK outside for storage.Chainlink Echnage Netflow chart. Source: CryptoQuantBeyond dip-buying activity, optimism around Chainlink is also supported by its expanding partnerships and ongoing ecosystem developments.On Wednesday, Solstice Finance, the synthetic stablecoin and yield-generating protocol, announced a strategic collaboration with Chainlink, Ceffu, Copper, and Arcanum designed to strengthen Solstice’s infrastructure, cross-chain compatibilities, settlement opportunities, and market reach.During the same period, Crypto Finance, part of Deutsche Börse Group, went live with Chainlink Proof of Reserve.“With Chainlink’s technology, we can provide investors with verifiable information on reserves while maintaining the highest standards of security and operational integrity,” said Stijn Vander Straeten, CEO of Crypto Finance, on the press release.These ongoing developments and partnerships highlight the rising adoption and wider acceptance of Chainlink, which suggests a bullish picture for the native token LINK in the long term.Chainlink Price Forecast: LINK nears key support zoneChainlink price fell by more than 5% on Monday and closed below its daily support level at $22.05. On Tuesday, it faced rejection from the daily level at $22.05 and declined slightly. At the time of writing on Thursday, it continues to trade in red, nearing the ascending trendline .If LINK breaks below the ascending trendline, it could extend the decline toward the 50% price retracement level at $19.40.Sideline investors looking for buying opportunities could do so between $19.40 and the weekly support at $18.81, which roughly coincides with the 200-day EMA.The Relative Strength Index on the daily chart reads 38, which is below its neutral level of 50 and is nearing oversold conditions. Additionally, the Moving Average Convergence Divergence also showed a bearish crossover last week, signaling a sell and indicating bearish momentum and a downward trend ahead.LINK/USDT daily chartHowever, if LINK finds support around the 100-day EMA at $20.51 and recovers, it could extend the recovery toward the daily resistance at $22.05. Related news Cardano Price Forecast: ADA set for further decline on profit-taking acceleration, selling pressure Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC, ETH and XRP momentum fades, signaling deeper corrections Solana Price Forecast: SOL bears are in control of the momentum
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