LINK price drops due to ETF absorbing supply, but charts indicate further downside potential

According to a report by Bijie Network: Although the spot LINK ETFs of Grayscale and Bitwise have cumulatively held more than 1% of the circulating supply, valued at approximately $85.34 million, the price of LINK remains under pressure around $11.95. On-chain data shows that institutional investors continue to buy, and Chainlink's internal reserves are also increasing, but technical indicators suggest short-term weakness. Analysts believe that major buyers may be waiting for a further price pullback, with key support levels near $8.75 to $9.00, before entering a more aggressive buying phase in anticipation of a price rebound.