Chainlink (LINK) has surged over 10% in the past few hours, pushing its price to $11.39. This significant gain follows a two-week period of sideways consolidation, suggesting a potential shift in momentum.
Data from crypto intelligence platform Santiment reveals that some daily traders are taking profits, highlighting cautious optimism. LINK’s profit-to-loss transaction volume ratio has hit 5.986, indicating that short-term holders are actively locking in gains as the price tests key levels.
The market sentiment is one of careful anticipation, with traders watching for signs of a sustained breakout or potential reversal as LINK tests the $11.40 mark. Technical indicators suggest that maintaining momentum depends on reclaiming the 4-hour 200 EMA.
Despite some profit-taking, this activity is seen as healthy after a rally. The current price action reflects a market in consolidation, and the coming days will determine whether the uptrend continues or a pullback occurs.
