Last week, the price of Chainlink (LINK) closed with a dragonfly Doji candlestick after rebounding from a significant support/resistance level. Despite attempting to regain bullish sentiment, the altcoin's price may drop further towards its initial breakout level in October 2023. On-chain data analysis shows a decline in non-zero addresses on the Chainlink network in the past four weeks, possibly due to the poor performance of Bitcoin and Ethereum ETFs, as well as market uncertainty. However, the Chainlink community continues to grow, with several DeFi protocols integrating with the network. These integrations, along with the anticipation of an altseason and the increased discussion about Chainlink on social media, suggest a potential recovery of bullish sentiment in the near future.



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