The Chainlink price has been hovering around $8.79 on the LINK/USD perpetual market, creating an uncomfortable situation for traders. However, a closer look at the data reveals that this might be a turning point for the cryptocurrency.
According to Chainlink's own figures, it has facilitated over $28 trillion in transaction value since 2022, making it a significant player in the decentralized finance space. The platform's technical indicators also suggest that retail traders may be capitulating, with a Whale vs. Retail Delta of -31.040 indicating that larger players are absorbing pressure.
Historically, when retail exhaustion peaks and price stabilizes, accumulation phases tend to form. This could potentially lead to a significant development in the cryptocurrency market if larger players continue to accumulate Chainlink tokens.