Key Takeaways

How is whale activity affecting LINK?

A whale sold 938,489 LINK worth $21.46M, creating short-term selling pressure.

What signals point to a potential bullish breakout?

A cup and handle formation combined with Open Interest rising 6.72% to $1.65B suggests growing speculative demand, pushing LINK toward $30.86.

Chainlink [LINK] has faced heightened attention after a whale sold 938,489 tokens worth $21.46M at an average of $22.87, realizing a $212K profit. 

This exit coincided with a broader market debate over short-term price resilience as LINK traded near $23.81. 

Traders are closely monitoring whether this move signals renewed sell pressure or simply profit-taking before another push higher. This selloff could also reduce overhead pressure if absorbed by new buyers. 

The central question now is whether investors interpret the exit as weakness or merely opportunistic profit-taking.

Sellers tighten their grip

Spot Taker CVD metrics revealed that sellers dominated trade execution, with aggressive market sells outweighing buy-side activity. This dynamic signaled weakening conviction among bulls at higher ranges. 

Taker-sell dominance often pressures intraday momentum by forcing bids lower and increasing volatility. Although some traders anticipate a rebound, persistent sell-side control reinforces caution in the short term. 

For LINK to regain traction, buy-side flows must increase decisively to shift cumulative volumes in favor of buyers. Until then, market activity appears skewed toward downside risks.

Can Chainlink see a breakout instead?

Despite nea

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Author: Erastus Chami