As the undisputed leader in the oracle track, it has been regarded as a "value target" by countless people and serves as a crucial bridge connecting blockchain with real-world data. At that time, discussing the future of DeFi almost inevitably involved Chainlink. Favored by institutions, accumulated by whales, and with a once-strong price trend, it seemed more than just a token—more like a part of infrastructure.

In this cycle, things have changed. Although recent news seems somewhat turbulent—such as whales quietly accumulating nearly ten million dollars worth of LINK over the past month, the so-called "Real World Asset (RWA)" narrative, and new ETF funds backing it—the price has only occasionally rebounded. Overall, its performance can only be described as "weak." Compared to other leading tracks and popular altcoins, LINK's movement appears hesitant and heavy, like a former star that has fallen behind.

Technical charts reveal a state of indecision. On one hand, indicators like MACD occasionally flash a golden cross, hinting at a short-term momentum rebound; on the other hand, the price remains suppressed by medium- and long-term moving averages, with heavy resistance above. More importantly, the sharpness that once led the market forward has been absent for a long time. It is still operational, and its ecosystem has ongoing collaborations, but amid the market's boiling sentiment, this "steady development" seems too quiet, even somewhat marginalized.

This raises a fundamental question: at this stage, what are we really paying for? Is it for a technically useful service whose growth curve may have plateaued, or for a future expectation still full of imagination? LINK clearly belongs to the former. Its value is based on its "usefulness," which is a shield in a bear market but could become a shackle in a bull market. When market frenzy chases hundredfold narratives, "stability" and "practicality" become reasons for capital to avoid.

From a macro perspective, the entire altcoin logic is undergoing a brutal cleansing. Except for a few projects that can continuously create new narratives and demand, most tokens are essentially a liquidity-driven digital game with intrinsic value approaching zero in the long run. LINK is much stronger than many air projects; it does have real utility. However, in the feast of capital frenzy, whether this "practicality" can support a valuation matching its market cap remains a huge question mark.

For those still holding LINK, perhaps a dose of clarity is needed. It may no longer bring the surprises of the last cycle. Taking advantage of recent rebounds triggered by whale actions or short-term technical signals, reducing positions on rallies, and reallocating funds to more aggressive and imaginative sectors might be a more pragmatic choice. The bull market is precious, and capital should stay where the momentum is strongest. $LINK ‌#加密市场小幅回暖