币界网报道：Chainlink [LINK] is one of the best performing assets among the top 20 assets in the cryptocurrency market. It has recorded a 13.2% price gain over the past week. The recovery comes after losses occurred ten days ago, when LINK fell from $13.38 on June 19 to $10.94 on June 22. The sell-off came after Bitcoin [BTC] dropped to $99,000 following the escalation of the Israel-Iran conflict and the subsequent bombing of Iran by the United States. Since then, market sentiment seems to have recovered somewhat. However, Chainlink holders are not showing long-term confidence. On-chain indicators show that the token is seeing a large amount of transfers again after the recent rally, which may be an ominous sign for bulls in the short term. Another local top for Chainlink? Historically, Chainlink’s development activity has been high among DeFi tokens. Development activity has been trending downward since mid-April. This slowdown has caused concern among some investors. Despite the sharp drop, LINK’s development activity remains relatively high compared to most other altcoins, so investors don’t need to be overly concerned. One factor that worries bulls is the persistent selling signals that accompany Chainlink’s price rise to the $12 demand zone. On March 14, when the coin attempted to rebound from the $12 support level, Dormant Circulation saw a significant spike. On June 20, when the price fell towards the $11 mark, Dormant Circulation saw another spike. High Dormant Circulation indicates a large transfer of tokens on-chain, which usually indicates an intent to sell. The recent price drop was accompanied by a wave of selling, which highlights the lack of confidence among holders. Moreover, an examination of the average coin age shows that no significant network-wide accumulation has occurred. Holders are willing to take profits when the price rebounds to the $16 level and panic when the price approaches local lows. This is another sign of a weak HODLer mentality. Exchange Net Position Change tracks the change in the LINK supply held in exchange wallets. A positive change means more funds are flowing into exchanges, which is usually a sign of high selling pressure. In late 2024 and early 2025, a positive net position change indicated profit taking pressure. Similarly, Chainlink’s mini rally to $15.5 in late March was also met with increased selling. On June 20, the exchange net position change turned green again, highlighting another wave of selling. At the time of writing, the net position change remains positive, which is a worrying sign for LINK bulls. Chainlink is trading at a local resistance level of $13.4, while the $14 area is another supply zone nearby. With key resistance levels high and increased holder selling pressure over the past ten days, LINK appears to have formed another local top and could trend down over the next few days.