LINK is now around 8.4u. Today it’s down more than 2%, which is one of the rare, solid pullbacks to see during this period.

Over the previous month, it rose pretty sharply, accumulating more than a 10% gain. Even a week ago it was still going up, but over the past two days it’s started to pull back. At the 24-hour high it was still 8.65; now it has already fallen to around 8.4, and the decline is fairly concentrated.

After this kind of surge, when it suddenly gets slammed, it’s likely that the earlier chasing funds are taking profits. After a move this big, someone has to exit part of the position first to lock in gains. This doesn’t look like a full trend reversal so much as a normal shakeout.

Compared with some other major coins that have been ranging sideways with a slow, bearish grind, LINK’s earlier rally still has its underlying support. Even if it pulls back these two days, on a longer time horizon over this month its account P&L is still in profit—something that’s not the case for many coins that have been consistently down during the same period.

At this level, it’s important to see whether it can hold. If the pullback reaches the 8 area and it can still be absorbed, it means the earlier uptrend hasn’t broken, and you could consider adding on weakness. If it breaks below 8 and keeps getting hammered lower, then you may need to reassess whether this wave of the market move is already finished. For those who chased during the past two days, it’s best not to rush in—waiting for the pullback to stabilize will likely be more worthwhile. #link $LINK