Chainlink (LINK) price has been in a freefall since reaching a 2023 peak of $8.7 on April 18. A deep dive into the underlying on-chain data shows that the bearish trend could linger. Can LINK stay above $6? 

Chainlink (LINK) is a decentralized abstraction layer blockchain network to integrate off-chain data into smart contracts. Since approaching the $9 milestone on April 18, the LINK price has been on a losing streak.

The on-chain data analysis below outlines some underlying reasons for the bearish trend and potential price action for the coming weeks.

Whale Investors Are Selling 

Chainlink (LINK) current bearish price trend can be attributed to the sell-action of large investors on the network, according to Santiment’s on-chain data. 

A cohort of crypto whales holding 100,000 to one million tokens began a sell-off frenzy just before LINK price peaked on April 17. The chart below depicts how they sold four million tokens between April 16 and May 2. 

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Author: Ibrahim Ajibade

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