ChainLink showed significant growth in September, yet October began with a sharp price fall. Analysis suggests that some investors are looking to lock in profits or cut losses, as market conditions remain unstable.
Rise in September Prices
September was successful for ChainLink, as the asset's price surged from $9 to $13. These results fueled hope for stronger market positions.
Current Market Situation Analysis
Despite optimistic expectations, ChainLink faced a drop to the $10 mark in early October. According to IntoTheBlock, the number of profitable active addresses increased from 155 to 600 after reaching the $12 level, indicating potential profit-taking amid volatility.
Whale Transactions and Market Impact
Data from ITB shows that whale transactions (around $100,000) rose from 54 to 134 between October 19-22, totaling $361 million, which contributes to high market volatility.
While ChainLink shows resilience in attempting recovery, it's unclear if it can withstand another sell-off wave. The market remains highly volatile, making future forecasts disputable.