Chainlink Price Stagnates Near $11 as Network Growth Slows, Consolidation Likely Before Further Attempts to Break Out
-
Chainlink (LINK) price has stagnated around $11 after hitting a 16-month high last week.
-
On-chain data shows Chainlink network activity and new user growth have declined by 60% in the past week.
-
Slowing network activity indicates reduced demand for Chainlink's services.
-
LINK price likely to consolidate around $10 before attempting to break out higher.
-
Bulls need to reclaim $15 to negate bearish outlook, but sell walls loom overhead.