Chainlink's Meteoric Rise Triggers Bearish Signal Amid Reduced Whale Activity

Chainlink's recent price surge has triggered a bearish signal, according to on-chain analyst Ali Martinez. The token has jumped nearly 95% from around $7 to its current price of $11.43.

The sharp increase in price has delivered significant gains to investors, but the momentum may be weakening. Martinez pointed out that the TD Sequential indicator on Chainlink's weekly chart has emerged a sell signal, suggesting the token could enter a period of consolidation or face renewed selling pressure if demand begins to fade.

Additionally, large LINK holders have reduced their activity, with transactions worth more than $1 million dropping from approximately 59 over a two-week period to about 10. This decrease in high-value transactions suggests whale participation has cooled as LINK approaches its recent peak.