• Whale activity and increased buy volume could potentially push LINK further.
• The daily chart also indicated that LINK could drop further from its current level.

Last week, Chainlink [LINK] recorded its largest monthly loss, dropping 26.80% following intense market sell-offs.

In the past 24 hours, LINK extended its downward trend, losing 61.2%. Some market indicators suggested this decline could deepen before a significant price move.

Major resistance level for LINK

The current downtrend could be a strategic move by market participants to drive the price to a favorable level, where sufficient buying activity may overcome the major barrier around the $23.78 region.

According to the In/Out of Money Around Price (IOMAP) metric, this resistance zone contained 110.43 million LINK sell orders from 96,760 addresses, creating a bottleneck for any upward price movement.

However, per the IOMAP, LINK could decline to a demand zone between $14.27 and $16.65, where 152 million LINK buy orders from 72,890 addresses could generate enough momentum to counter the selling pressure.

Once this demand zone is reached, the price might gain enough momentum to break through the resistance level.

Whales driving market activity

AMBCrypto found that market whales have been exerting downward pressure on LINK’s price over the past week.

The Large Holders Netflow to Exchange Netflow metric, which tracks whale activity relative to retail investors, revealed increased whale sell-offs.

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Author: Olayiwola Dolapo