Chainlink (LINK) has rallied 95% to $13.77, but technical analysis flags potential profit-taking via exchange deposits and reduced whale activity.
Macro & Markets ·
Chainlink has climbed 95% over roughly two months, reaching $13.77, but technical and on-chain signals suggest a potential pullback. A TD Sequential sell signal has appeared on the weekly chart, while whale transaction volume has contracted sharply—dropping from around 59 trades exceeding $1 million over the prior two weeks to approximately 10 by September 7th. Concurrently, inflows to cryptocurrency exchanges have accelerated, with 1.75 million LINK moving onto trading venues and total exchange holdings rising from 269.25 million to about 271 million units, pointing to potential profit-taking behavior.
The broader structure remains supportive despite near-term caution. LINK has held above the $10.87 level, a key threshold for sustaining the longer-term uptrend. As long as that support persists, prior analysis targets $50 and $100 as potential price objectives. Some analysts expect continuation toward the $14.50–$15 band before any meaningful consolidation occurs.
Separately, Chainlink has been added to Charles Schwab's crypto trading platform alongside Solana and Avalanche, expanding retail access. Wyoming is also deepening its integration of Chainlink technology, having adopted Chainlink Proof of Reserve to monitor backing reserves for its Frontier Stable Token on a continuous, automated basis after migrating the token to CCIP in August. What remains unclear is whether the technical sell signal will trigger a sharp pullback or a shallow correction.