LINK is now around 9.32u. Over the past week it rose from 8.16 to 9.76, a gain of 12%. These last two days it has pulled back, and now it’s grinding right along the 24-hour low.
The short-term trend is weak. In the 4-hour chart it’s moving downward. The spot order book’s buy/sell ratio by initiative is only 0.28. Sell orders are pressing down on buys, and the buy wall is also thinner than the sell wall—at this level, selling pressure holds the initiative.
But here’s the interesting part: during the pullback, the money hasn’t left.
In the 3-hour spot market, net inflows have been positive for 12 consecutive candles. Whale long positions are still being added. In the last 7 hours, they’re up 6.5%. Even when the pullback hit the lows, there were still people absorbing it—this doesn’t look like a simple “pump then distribute” pattern.
Sentiment is also bullish. Volume is picking up, and the expectation that Chainlink will participate in the government’s crypto policy meeting is being discussed widely, lifting sentiment to about 7/10—slightly more on the long side. However, on the technical side RSI is at 71 and MFI is almost 82, so the short-term is getting hot. Volatility won’t be small.
So I won’t chase longs, and I also won’t rush to short. The short-term selling pressure hasn’t fully released yet. Chasing at the low where it’s sitting has mediocre risk-reward. But capital and whales are both leaning bullish, and there isn’t enough evidence to support a bearish view.
Wait until it stabilizes first, or until a second pullback fails to break the prior low. At this point, it’s more comfortable than chasing something that has already pumped, and also steadier than mindlessly catching a falling knife.
#link $LINK
The short-term trend is weak. In the 4-hour chart it’s moving downward. The spot order book’s buy/sell ratio by initiative is only 0.28. Sell orders are pressing down on buys, and the buy wall is also thinner than the sell wall—at this level, selling pressure holds the initiative.
But here’s the interesting part: during the pullback, the money hasn’t left.
In the 3-hour spot market, net inflows have been positive for 12 consecutive candles. Whale long positions are still being added. In the last 7 hours, they’re up 6.5%. Even when the pullback hit the lows, there were still people absorbing it—this doesn’t look like a simple “pump then distribute” pattern.
Sentiment is also bullish. Volume is picking up, and the expectation that Chainlink will participate in the government’s crypto policy meeting is being discussed widely, lifting sentiment to about 7/10—slightly more on the long side. However, on the technical side RSI is at 71 and MFI is almost 82, so the short-term is getting hot. Volatility won’t be small.
So I won’t chase longs, and I also won’t rush to short. The short-term selling pressure hasn’t fully released yet. Chasing at the low where it’s sitting has mediocre risk-reward. But capital and whales are both leaning bullish, and there isn’t enough evidence to support a bearish view.
Wait until it stabilizes first, or until a second pullback fails to break the prior low. At this point, it’s more comfortable than chasing something that has already pumped, and also steadier than mindlessly catching a falling knife.
#link $LINK
