Chainlink Sees New Buying Opportunity After On-Chain Indicator Points to Market Turnaround

On-chain analytics firm Santiment has identified a potential buying opportunity for Chainlink (LINK) as traders show signs of capitulation, marked by a drop in LINK’s MVRV below -5%. 30-day average returns falling below this level historically suggests favorable entry points. Santiment noted that this metric, tracking the average profit or loss of all LINK wallets, has frequently preceded market rebounds. This recent dip followed by LINK’s price rebounding by 9.5% on Friday underscores this trend, with previous similar MVRV dips preceding significant price rallies.