Chainlink's LINK token has surged 95% over two months, but fresh on-chain data points to fading momentum. Large-holder activity has cooled and more tokens are flowing onto exchanges, even as some analysts still see room for the rally to extend.
Three signals point to a cooldown
LINK has climbed 95% from around $7 to a recent high of $13.77 in just two months following its mid-August breakout. But the advance is now showing signs of strain.
Analyst Ali Martinez has flagged a sell signal from the TD Sequential indicator on LINK's weekly chart, raising the possibility of profit-taking after the sharp climb. At the same time, activity from whales has cooled: transactions worth more than $1 million dropped from roughly 59 over the past two weeks to about 10 on September 7.
Martinez also found that 1.75 million LINK moved onto exchanges. The total exchange balance rose from 269.25 million to approximately 271 million units. He said the combination of these developments could signal a cooldown after LINK's strong advance.
Bullish case still holds, some analysts say
Despite the caution signs, the broader setup remains constructive. LINK has closed above the $10.87 higher-timeframe level, which, according to analyst Crypto Patel, keeps the bullish outlook intact as long as that level holds, with targets remaining at $50 and $100.
Michaël van de Poppe does not think LINK will stall much and expects a continuation toward the $14.50-15 area as a potential target zone.
Schwab adds LINK to its crypto lineup
LINK is among the latest tokens being added to Charles Schwab's crypto trading service, alongside Solana and Avalanche. The expansion gives eligible Schwab clients direct access to the token. The firm initially launched the service with Bitcoin and Ethereum in May.
Source: CryptoPotato
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