Chainlink (LINK) has been one of the strongest performers in the cryptocurrency market, with its price increasing by more than 109% over the past year. In just the last three months, the LINK price has risen approximately 68.5%. However, the past week has shown signs of weakness, as the token has declined by more than 9%. Both on-chain metrics and technical charts indicate that the long-term upward trend may be losing momentum, at least temporarily.

One of the most significant indicators of this potential shift is the percentage of LINK supply that is currently in profit. This metric remains at historically high levels, suggesting that a large portion of the circulating supply is held by investors who have seen gains. As of August 29, nearly 87.4% of the circulating supply is in profit, which is close to the recent peak of 97.5% recorded on August 20. That peak coincided with a price rally to $26.45, which was followed by a retracement of over 6% to $24.82 the next day.

Looking further back, similar patterns have emerged. On July 27, the percentage of LINK in profit was 82.8%, just before the price corrected from $19.23 to $15.65, marking a 19% decline. The current level near 87% is again considered uncomfortably high, indicating an elevated risk of profit-taking by holders.

Another key indicator is the Chaikin Money Flow (CMF), which measures the flow of capital into or out of a token. Since August 22, the CMF has shown a downward trend and finally crossed below zero on August 29 for the first time since August 6. This shift into negative territory suggests a weakening of buying pressure and a reduction in capital inflows, which supports the possibility of a pullback in the short term.

In terms of technical analysis, the daily chart shows that the LINK price is currently trading at $23.31. It is positioned within an ascending broadening wedge pattern, a structure commonly associated with a loss of upward momentum near the end of a bullish phase. This pattern, often referred to as a \"megaphone,\" is known for signaling potential bearish reversals, a risk that now appears to be looming over the token.

The key support level to watch is $22.84. A clear break below this level could expose the next downside target at $21.36. If the price continues to fall beyond that, it could lead to a deeper retracement, potentially ranging between 6% and 19%, similar to what was observed during previous peaks in the supply in profit metric.

On the other hand, if the LINK price manages to regain the level of $25.96, it may attempt another upward movement. However, even a recovery to this level would not fully reverse the broader signs of market exhaustion unless the token can convincingly break above $27.88. This level represents a critical resistance point that, if surpassed, could signal a renewed bullish trend.

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