LINK’s price faces potential drawdown as investor optimism wanes.
NVT ratio at 4-year, 8-month high, suggesting overvaluation relative to network activity.
Price could drop to $10.79 support, with $10.00 as worst-case scenario; $13.00 breach would invalidate bearish outlook.
Chainlink (LINK) has buoyed its price in recent weeks begins to lift. This shift in investor sentiment, coupled with concerns about the network’s valuation relative to its activity, could potentially trigger a price drawdown.
Since late July, LINK holders have maintained a bullish stance, buffering the cryptocurrency against substantial losses and even driving its price upwards in mid-August.
However, recent data suggests this strong optimism is beginning to erode. Despite recent price increases, the weighted sentiment for LINK has been on a consistent downward trajectory, though it currently remains above the neutral zero line.
Source: Santiment
Chainlink metrics show overvalued status
A key metr
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