Today, the price of Chainlink reached an all-time high of $5.6.Despite traders' optimism, the data showsthat large investors are preparing for a coin dump.
Over the past 24 hours, the bulls have managed to push the price of LINK to the $5.60 mark.Based on the Fibonacci technical indicator, we can assume that the next resistance levels are at 127.2% and 161.8% – $6 and $7, respectively.
Despite the sharp rise in prices, data from Glassnode indicates that some investors expected such a rise and are preparing to take profits.
According to Glassnode, in recent years, investors have transferred almost all of their Link stocks to exchangers.
On June 4, approximately 4 million LINKs were transferred to various cryptocurrency exchanges. Such a volume of altcoin transactions is a record in the entire history of its existence.
Santiment service employee Harry Kabankin said:
People who translate LINK are trying to unload their portfolios and take profits. In case the LINK bulls cannot cope with these pressures, this will extremely negatively affect the price of the asset.
We used to write a currency review dedicated to the Chainlink altcoin and its technical features.
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Based on materialscryptobriefing.com
