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LINK Surges 11% As Key Data Reveals Day Traders Are Locking Gains
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

LINK Surges 11% As Key Data Reveals Day Traders Are Locking Gains

Sebastian Villafuerte
Sebastian Villafuerte
9 months ago
3 mins read

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Chainlink (LINK) has surged over 10% in the past few hours, pushing its price to $11.39 at the time of writing. This significant gain comes after two weeks of sideways consolidation, signaling a potential shift in momentum. 

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As LINK rallies, data from Santiment, a leading crypto data intelligence platform, reveals that some daily traders are already taking profits, capitalizing on the recent price increase.

This profit-taking activity highlights investors’ cautious optimism as LINK’s price gains momentum and reaches technical resistance in the 4-hour timeframe.

LINK’s On-Chain Transaction Volume Showing Profit-Taking

LINK’s daily profit-to-loss transaction volume has reached its highest level since July 14, with the ratio at 5.986. This means there are nearly six transactions in profit for every transaction in loss, signaling that short-term holders are actively taking profits following the recent move up. Such a high ratio indicates that investors are capitalizing on a significant price increase or relief rally, locking in gains as the market tests key levels.

LINK Ratio of Daily On-Chain Transaction Volume in Profit to Loss.
LINK Ratio of Daily On-Chain Transaction Volume in Profit to Loss. | Source: Santiment

This profit-taking trend reveals the dynamics prevailing among traders, even as LINK’s price continues to gain momentum in the market. With the token testing local supply around the $11.40 mark, the market sentiment is one of careful anticipation. Traders are keenly aware of the delicate balance between further gains and potential pullbacks.

Investors will watch for signs of a sustained breakout or a potential reversal as LINK approaches this threshold. The outcome at this level could set the tone for LINK’s price action in the coming days, making it a critical juncture for traders and investors alike.

Technical Details: LINK Price In Critical Level 

LINK is trading at $11.31 after breaking a local high of $10.83 set on August 8, confirming an uptrend on the daily time frame. The price rally paused at $11.40, right at the 4-hour (4H) 200 exponential moving average (EMA), underscoring the significance of this technical indicator in lower time frames.

This indicator acts as a dynamic support or resistance level, often indicating the trend in lower time frames. For LINK, reclaiming this level is crucial to confirm bullish momentum.

LINK price testing the 4H 200 EMA
LINK price testing the 4H 200 EMA. | Source: chart on TradingView

For LINK Bulls to maintain momentum, the next crucial step is to retake the 4H 200 EMA and aim for $13. Conversely, if LINK fails to consolidate above this indicator, it could lead to a retest of the previous resistance at $10.83 and potentially a dip to the higher low around $9.90.

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Analyst Says Chainlink Price Could Climb To $19 — Here’s How

10 months ago

Despite some day traders locking in profits, this activity should be seen as a sign of healthy profit-taking after a modest rally. The current price action reflects a market in consolidation, with traders closely watching for the next move. As LINK hovers near critical levels, the coming days will be pivotal in determining whether the uptrend continues or if a pullback is on the horizon.

Cover image from Dall-E, Charts from Tradingview

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Sebastian Villafuerte
Sebastian Villafuerte

Sebastian Villafuerte

Sebastian's journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies.

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To share his insights with others, Sebastian became an active contributor to online discussions on platforms like X and LinkedIn. His focus on fintech and crypto-related topics quickly established him as a trusted voice in the online crypto community. Sebastian's goal was to educate and inform his audience about the latest trends and insights in the rapidly evolving crypto landscape.

To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance and decentralized finance. The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology.

Sebastian's passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K reports, or engaging in thought-provoking discussions about the future of finance.

Sebastian's journey as a crypto pioneer has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable contributor to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and helping to shape the future of this revolutionary technology.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
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