Chainlink price has performed exceptionally over the past couple of days, making room for profits for investors. However, further gains from here on w
Chainlink
price trading at $7.6 at the time of writing is up by 32% in the past two weeks. The recent recovery rally resulted in the breach of the resistance level of $7.4, and a retest of the same as a support floor is now crucial in order to sustain this rise. However, looking at the Relative Strength Index , it seems likely that the altcoin might see some red candlesticks or sideways movement, at least for the next few days. This is because the indicator is at the cusp of being in the overbought zone above 70.0, which usually results in corrections as the market cools down after being overheated.Thus, at the most, LINK is only looking at a fallback to $6.9.
This is a positive sign as it suggests that investors have either moved their holdings to a cold wallet or acquired more LINK tokens. In any case, this would prevent a severe drawdown during corrections.This optimism of investors is also evinced by their presence on the network. The addresses conducting transactions on the chain hit a two-month high this past week, crossing 3.5k.