Key Takeaways

Why is LINK under pressure this week?

Whales and retail investors are aggressively selling, driving LINK down 16.68% to $20.4 and intensifying downward momentum.

What price levels should traders watch for LINK’s next move?

 LINK faces key support at $20, with a potential drop toward $18.70 if selling continues, while a daily close above $22.2 could signal a bullish reversal.

Since hitting $25 a week ago, Chainlink [LINK] has traded within a descending channel, touching a low of $19. 

At press time, Chainlink was trading at $20.4, representing a 16.68% decline over the past week. 

Amid this market drawdown, investors, especially whales, are panic-exiting their positions. 

Whales are aggressively dumping Chainlink 

Interestingly, as Chainlink continued to drop, investors, including both whales and retail traders, began panic-selling. 

In fact, Chainlink’s spot market has been dominated by Sellers over the past week, as evidenced by Spot taker CVD. At press time, this metric was in red, indicating seller dominance. 

Amid this rising selling activity, Onchain Lens uncovered two such transactions from whales.

According to the on-chain monitor, a whale sold 233,094 LINK tokens for $4.85 million and then deposited 10k tokens into OKX. 

Shortly after, another whale followed suit and sold 163,990 LINK tokens worth $3.32 million. In total, these two whales offloaded $8.17 million worth of LINK. 

Typically, when whales turn to selling during a downtrend, it’s either to lock in gains or avoid further losses, a clear sign of warning ma

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Author: Gladys Makena