3 Red Flags Are Emerging for Chainlink After LINK’s Powerful 95% Rally

Chainlink has staged a strong rally after the mid-August breakout. But its momentum may be cooling down. A new analysis suggests that LINK’s latest price move is facing several signs of caution after it surged 95% from around $7 to a recent high of $13.77 in just two months.

Three Red Flags Ali Martinez has flagged a sell signal from the TD Sequential on LINK’s weekly chart, which comes after the crypto asset’s sharp climb and raises the possibility of profit-taking. At the same time, activity from large holders has cooled noticeably.

In fact, transactions worth more than $1 million have dropped from roughly 59 over the past two weeks to about 10 on September 7th.

Meanwhile, exchange deposits are adding to the concern, as Martinez found that 1.75 million LINK moved onto exchanges and the total exchange balance rose from 269.25 million to approximately 271 million units.