Chainlink’s (LINK) recovery has been excellent, aiming to recover losses from late July. However, the intense bullishness might pose a risk.
Large wallet holders have significantly contributed to recent price increases, with whales adding over 3.4 million LINK, indicating renewed confidence among investors.
The substantial inflows suggest major market players are taking positions based on the coin’s upward momentum.
However, the Relative Strength Index (RSI) indicates that LINK is approaching the overbought zone, signaling potential price correction risks.
LINK needs to breach the $12.00 resistance level to continue its uptrend, but the RSI suggests that an attempt could fail, leading to price consolidation.
Yet, if the bullish momentum continues, LINK's price could push beyond $13.00, invalidating the bearish outlook and improving investor profits.
