Chainlink's Price Surge Hits the Brakes Amid Red Flags
Chainlink's (LINK) strong rally has raised some red flags. After its price surged by 95% in just two months, from around $7 to a recent high of $13.77, analysts are cautioning that momentum may be cooling down. One reason for this concern is the decline in activity from large holders. Transactions worth more than $1 million have dropped significantly, from roughly 59 over the past two weeks to about 10 on September 7th.
Another factor contributing to the worry is exchange deposits. According to recent data, 1.75 million LINK moved onto exchanges, causing the total exchange balance to rise from 269.25 million to approximately 271 million units. Michaël van de Poppe believes that despite short-term strain on momentum, the broader setup remains constructive.
The analyst expects Chainlink's price to continue rising towards its next target zone at $14.50-15. Additionally, Chainlink is among the latest cryptocurrencies being added to Charles Schwab's crypto trading service, alongside Solana and Avalanche. This expansion means eligible Schwab clients will soon have direct access to LINK.