- Chainlink (LINK) whales sold over 3.23 million LINK tokens, possibly taking profits or rebalancing portfolios.
- Technical indicators show LINK trading below the 20- and 50-week SMAs, confirming short-term weakness.
- A rebound above $19.50 could confirm a bullish reversal toward $21–$23, while a drop below $15.50 may extend losses.
Chainlink (LINK) is moving under sustained bearish pressure with a depreciation in its value but also showing potential for a strong reversal. Its price has decreased by 5.6% over the last 24 hours and 24.39% over the last week.
At the time of writing, LINK is trading at $17.28 with a market capitalization of $11.72 billion. Moreover, its trading volume has decreased 70.61% to $1.22 billion, reflecting the cautious mode of both traders and investors.
Source: CoinMarketCap
Chainlink whale activity hints at short-term pressure
A prominent crypto analyst, Ali, highlighted that whales have reportedly sold over 3.23 million LINK tokens in the past week, drawing attention across the crypto market. The sell-off, worth an estimated $45–50 million, hints at profit-taking or strategic rebalancing by large holders.
Source: X
Despite the heavy selling, analysts note that whale moves don’t always signal bearish sentiment. Major investors often shift positions to manage liquidity or prepare for reentry. With mixed signals across the broader market, traders are now watching whether this whale activity leads to a price correction or attracts new buyers stepping in to absorb the supply.
Also Read: Can Chainlink (LINK) Reverse Its 20% Drop at $19.80 Resistance?
Chainlink (LINK) Consolidates Before Next Move
Moreover, the crypto analyst, CRYPTOWZRD, revealed that LINK closed the previous session with evident indecision, indicating indecision among investors and traders. Sentiment in the markets is cautious, with traders holding back for more strong affirmation prior to reinstatement in positions. Even with consistent fundamentals, the subdued movement in LINK is a temporary setback in momentum.
Source: X
Analysts point to two main price levels to focus on in the near term. A move up to $15.00 and then a healthy reversal can provide a long setup, indicating renewed bullish sentiment. A retest of $19.10 and then a fall can provide a short setup, verifying weakness and a renewed selling pressure.
LINK Indicators Signal Further Downside Risk
The LINK price chart depicts a bearish configuration with the price remaining below the 20-week SMA ($18.88) and 50-week SMA ($18.12). Support is found at the 100-week SMA ($16.42), with the 200-week SMA ($12.82) remaining the next significant level in the event of ongoing weakness. Overall, the moving averages are indicating downward pressure along with diminishing bullish sentiment.
Source: TradingView
Momentum indicators also validate this weakness; the RSI has fallen below 50 at 46.13, indicating diminishing buying power. The MACD has also become bearish, with the signal line moving across the bottom and the histogram becoming negative. Unless the token reclaims the 20- and 50-week SMAs, sentiment will probably remain neutral to bearish.
Also Read: Chainlink Momentum Builds; Could LINK Skyrocket Beyond $25 Soon?
