Chainlink price is down 15% in two weeks: is the LINK rally over?

Chainlink (LINK) price dropped to $7.20 on Thursday, August 3rd. This represents a decrease of about 15 percent from the July peak of $8.46 recorded on July 20. On-chain data reveals that long-term holders are now trading for fear that the LINK price rally may be over.
Chainlink long-term holders are in panic mode!
Chainlink has come under heavy selling pressure from its long-term holders this week. Sales intensified when the LINK price dropped below $7.90 around July 28, according to data from Santiment's Age Consumed.
Age Consumed evaluates the trading activity of long-term investors by multiplying the number of recently traded tokens by the number of days since they last moved.
As seen above, sustained increases in Age Consumed mean that long-held coins are on the move. This sell-off among long-term owners apparently played a critical role in the ongoing 15 percent price pullback.
Crypto whales began to grow cautiously!
In addition, Chainlink whales have also significantly reduced their trading activity over the past week. This reflects the growing bearish trend among long-term investors.
Chainlink whales appear to have processed 527 Major Transactions on July 20. Over the past week, whales have gradually reduced their trading activity. Chainlin processed 139 large transactions on August 2, down 78 percent from July 20.
The Large Transactions metric evaluates trading activity among institutional and high-net-worth investors by collecting daily transactions exceeding $100,000. When whales reduce their trading activity, market liquidity drops and traders often have to lower prices to meet orders.
The ongoing LINK price correction could be prolonged if the bulls can't gather enough market demand to meet the selling pressure from big investors.
LINK price prediction: Potential bearish reversal at $6.50
According to data from Global In/Out of Money Around Price (GIOM), the next major supply wall standing before the LINK bears is at the $6.50 support level. As shown below, 67,270 addresses purchased 561 million LINK tokens at an average price of $6.57. However, if the Chainlink price drops below this support level, the LINK price rally may end.
Still, the bulls could push a recovery towards $8 if long-term investors decide to stop selling. However, 35,370 addresses that bought 64 million LINK tokens at an average price of $7.51 could form significant resistance. However, if the bulls can reverse this resistance level, LINK could retake the $8 milestone.
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