The Chainlink MVRV ratio has surged as LINK exceeded $10, indicating a possible significant correction ahead. When the MVRV ratio reached similar levels in the past, LINK experienced sharp declines, with the latest being around 14%. The 30-day MVRV ratio, focusing on recent coin movements, crossed the 21% mark, suggesting investors who bought within the last month are holding 21% more in value than their initial investment. Historically, when this ratio exceeded 20%, LINK faced notable drops. Given this pattern, a correction in Chainlink's price may be imminent despite its recent rise above $10.1.
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Is a Correction Imminent as Chainlink MVRV Enters Bearish Territory with LINK Falling Below $10?
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