Chainlink's (LINK) price action has been closely watched by investors in recent months. The altcoin has defended its $8 support level valiantly over the past two weeks, with the Chainlink reserve climbing to 2 million tokens valued at around $17 million.
The positive Spot ETF inflows to LINK also indicate steady demand for the altcoin. However, there are still concerns that longer-term holders may be holding onto their assets, which could mean that the final capitulation from these investors has not yet occurred.