Chainlink (LINK) has extended gains for a second straight month, climbing close to 100%.

On Sept. 8 (local time), blockchain outlet Decrypto reported that LINK began rebounding after falling to as low as $7.02 on June 26, rising to $13.68 the previous day. That was its highest level in about eight months. It has since seen some pullback and is trading around $12.67, but it is still 80.48% above the June low.

With the rally continuing, LINK and XRP price moves have also become a point of comparison. LINK has risen more than XRP over the same period. XRP started at $1 on June 26 and rose 68% to $1.68 on Aug. 22, but later fell to around $1.39, shrinking its gain from the low to about 39%. By contrast, LINK has kept relatively more of its post-rebound gains.

The market capitalisation gap remains significant. LINK's market value is about $9.45 billion, around 13th in the overall crypto market, while XRP ranks 5th at about $86.91 billion. For LINK to reach a market value similar to XRP's, it would need to grow about 820% from current levels. Assuming circulating supply stays at 748.1 million tokens, LINK would need to rise to about $116.

The issue is that LINK's short-term rise is aligning with signs of overheating. Crypto analyst Ali Martinez (알리 마르티네즈) recently raised the possibility that LINK could enter a cooling phase after gaining about 95% from around $7 to $13. He said the TD Sequential indicator on the weekly chart is showing a sell signal, increasing the risk of profit-taking.

On-chain indicators are also showing strain. Whale transactions in LINK worth $1 million or more have plunged over the past two weeks to around 10 from about 59. That amounts to a noticeable drop in trading activity by large investors.

Exchange inflows are also a caution factor. About 1.75 million LINK recently moved to exchanges, lifting exchange holdings from 269.25 million to about 271 million. Rising exchange holdings are generally interpreted as increasing supply that can be used for selling, which could lead to short-term selling pressure.

By contrast, a technical rebound remains possible for XRP, the analysis said. Martinez said XRP is forming a descending triangle pattern on the hourly chart. If an hourly close is confirmed above $1.40, an upside breakout could be possible, and it could then move up to $1.46, he forecast.

Ultimately, the two assets could diverge in the near term. LINK has posted stronger gains than XRP over the past two months, but the risk of a pullback is rising due to declining whale activity and increased exchange inflows. XRP has yet to confirm a clear rebound signal, but whether it breaks above $1.40 is drawing attention as a turning point that could create new upward momentum.