Chainlink (LINK) price recently reached its highest levels in three years, reflecting an impressive 87% gain over the past 30 days. However, LINK has pulled back nearly 5% in the last 24 hours, signaling potential short-term weakness.

Whale activity has also declined, with the number of large holders dropping steadily since late November, suggesting caution or profit-taking among major investors.

LINK Whales Are Not Accumulating Since The End of November

The number of wallets holding between 100,000 and 1,000,000 LINK has declined to 516, down from a three-month high of 558 recorded on November 19. More recently, the number dropped from 524 on December 14 to 515 on December 15, indicating a notable decrease in large holders over a short period.

This decline could suggest that some whales are reducing their positions, potentially reflecting caution or profit-taking during the current market conditions.

Tracking whale activity is critical as these large holders often have significant influence over price movements. A drop in the number of whales can signal a loss of confidence or a shift in sentiment among major investors, which could add short-term selling pressure to LINK.

However, if this decline stabilizes or reverses, it could indicate renewed accumulation, potentially supporting a price rebound in the near term.

Chainlink BBTrend Is Declining

Chainlink BBTrend is currently at 7.46, reflecting a positive trend since December 14 but showing signs of weakening after peaking at 19.31 on December 15.

This decline suggests that while Go to Source to See Full Article
Author: Tiago Amaral