Chainlink LINK Navigates Market Headwinds as On-Chain Activity Cools
Chainlink (LINK) is contending with broader crypto market pressures, currently trading at $12.49 with a market capitalization of $8.84 billion. This represents a 16% decline from its monthly high and a 55% drop year-to-date. The downturn highlights increasing investor caution driven by macroeconomic uncertainty and a softening of on-chain fundamentals.
The total value locked (TVL) in DeFi applications utilizing chainlink has sharply decreased from $1.13 billion in August to $545 million. Concurrently, weekly transaction fees show a consistent downward trend. Whale holdings have diminished by 2% this week to 1.84 million LINK, while exchange balances have risen by 2.7%—a dynamic often associated with potential selling pressure.