The cryptocurrency market witnessed severe bearish pressure over the past week, and the price of Chainlink (LINK) wasn’t an exception. The altcoin has continued to struggle with its torrid form, losing nearly 10% of its value in the last seven days. Interestingly, the bears seem to still be in control at the moment, with the latest on-chain revelation suggesting that there might be further downside for the LINK price over the next few days. Are Chainlink Investors Offloading Their Assets? Popular crypto analyst Ali Martinez revealed in a post on the X platform that huge amounts of the Chainlink token have made their way to centralized exchanges in the past day. This on-chain observation is based on Santiment’s “Supply on Exchanges” metric, which tracks the amount of a particular cryptocurrency being held on centralized exchanges. Related Reading: Little-Known But Important Dogecoin Indicator Goes Off, How High Can It Drive Price? When this metric’s value increases, it implies that investors are making more deposits than withdrawals of a cryptocurrency (Chainlink, in this case) into centralize ..
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