Chainlink's LINK token has fallen 3.96% over the past 24 hours to $7.41 according to the latest market data. Here are some key takeaways for Chainlink traders:

Short-Term Pullback Interrupts Uptrend

After surging over 16% in the past month, Chainlink has seen its rally interrupted with a 3.96% pullback over the past day. This suggests some short-term profit taking and consolidation is underway.

However, trading volume remains elevated at $237 million, which indicates continued interest in LINK rather than mass selling. The technicals still point to an intact uptrend despite the minor retracement.

Key Support Around $7.00 Being Tested

The recent selloff has Chainlink testing support around the $7.00 level, which aligns with its 20-day moving average. This area provided a foundation for the recent rally, so bulls want to see it hold.

If $7.00 fails to hold, the next key support sits around $6.50 which marks the early June highs. As long as LINK holds above these key levels, the technical backdrop remains bullish overall.

Oracle Growth Narrative Remains Strong

From a fundamental perspective, the demand outlook for Chainlink as a leading decentralized oracle network remains strong despite some short-term consolidation.

The adoption of blockchain infrastructure across enterprises suggests robust development activity ahead, which should support Chainlink's utility and value. This bullish narrative favors accumulating during dips.

crypto-investors-focus-on-on-chain-data-or-price-charts">Should Crypto Investors Focus on On-Chain Data or Price Charts?

There are good arguments for utilizing both on-chain data and price charts when analyzing crypto investments:

• On-Chain Data - Evaluating network growth, user activity, flows provides the fundamental backdrop. Reveals true adoption and utility.
• Price Charts - Identifies support/resistance levels, trends, and momentum. Helps time entries and exits.

In reality, savvy crypto investors use both data sources to make informed decisions:

• On-chain data provides the underlying narrative and identifies value.
• Charts illustrate how that value narrative translates into tradable price movements.

Relying solely on one over the other means missing key insights. Experienced investors combine on-chain fundamentals with chart analysis to find the best crypto opportunities.

Will Crypto Markets Continue Growing Even Through Tough Economic Conditions?

There are arguments on both sides of crypto's resilience in tough economies:

• Yes, Will Grow - Crypto is a hedge against inflation and currency devaluation. Deeper adoption continues as digital asset.
• No, Will Slow - Risk assets like crypto sell off in recessions as speculation dries up. Lending and trading activity declines.

The fair perspective is crypto will likely continue advancing long-term but at a moderated pace:

• Fundamental adoption keeps growing, led by institutions and sophisticated traders.
• However, more muted speculation slows the pace during downturns.

Therefore, expect crypto market growth to continue through economic swings, but the trajectory to flatten during periods of broad risk aversion.