Chainlink Price Surge May Be Ending Amid Weakening Demand
Chainlink's recent surge of nearly 95% from $7 to $13.77 may be coming to an end, as technical indicators signal a potential pullback. The TD Sequential indicator on the weekly chart is showing a sell signal, which could weaken demand for LINK tokens.
The large transactions over $1 million have dropped sharply, indicating reduced whale activity. This decrease in whale buying pressure could lead to selling pressure and potentially lower prices for Chainlink. Approximately 1.75 million LINK tokens were moved to exchanges recently, suggesting possible selling pressure.
Despite these warnings, some analysts remain bullish on Chainlink's long-term prospects, expecting significant gains by 2029. Currently, LINK trades around $11.43, up slightly in the last 24 hours.