Chainlink traders gain as profit ratio reaches highest since January

Chainlink (CRYPTO:LINK) has recently experienced a notable surge in daily profits, with the profit-to-loss ratio reaching 7.26, the highest since January 2024.

This spike indicates that for every loss-making transaction, nearly six transactions are closing in profit, highlighting a positive trend among traders.

Despite these gains, a majority of LINK holders—63.06%—are still holding tokens at a loss, below their purchase price, reflecting the lingering impact of previous market downturns.

The recent increase in Chainlink’s momentum indicators points to a renewed accumulation phase over the past 12 hours.

This uptick in buying activity has led to heightened profit-taking among daily traders.

The rising Chaikin Money Flow (CMF), currently at 0.05, suggests a steady inflow of liquidity into LINK, which often precedes further price increases.

Moreover, the Moving Average Convergence Divergence (MACD) setup is showing bullish momentum, with the MACD line positioned above the signal line.

This indicates that buying pressure is currently outpacing selling activity, suggesting that the recent uptrend in LINK’s price could continue.

If this accumulation trend persists, LINK’s price may rise to $11.57 in the near term.

However, if selling pressure intensifies, the price could face a correction, potentially dropping to $8.08.

While some traders are enjoying profits, the broader picture reveals that a significant portion of LINK holders are still in the red.

This dynamic suggests that while short-term trading opportunities exist, long-term holders may need to wait for a more sustained recovery to break even.

The coming days will be crucial in determining whether LINK can maintain its upward trajectory or if it will succumb to selling pressures.

At the time of reporting, Chainlink was priced at $11.28.