- Chainlink (LINK) whales have sold 4.13 million LINK tokens in the past 48 hours.
- Santiment confirmed that Chainlink recorded 1,659 daily $100K+ transactions, highest since 2023.
- Chainlink daily active addresses also reached a 4-week high of 9,531.
Chainlink (LINK), the 11th-largest digital asset with a valuation of $12.56 billion, is under significant bearish pressure. Whales have sold a whopping 4.13 million LINK tokens (worth around $80 million) in the past 48 hours alone. Meanwhile, the altcoin couldn’t get back the $20 price tag, trading at $19.71 at the time of this writing, down 1.5% in the past day.
According to a post on X (formerly Twitter) by crypto analyst Ali Martinez, the LINK whales are increasingly cashing in on the cryptocurrency’s price surge over the last few months. While the whale activity suggests a bearish future for LINK, blockchain analysis platform Santiment suggested investors keep an eye on this cryptocurrency once the market resumes its uptrend.
In an X post, Santiment highlighted that investors have been buying up LINK tokens during the recent market dip. The network recorded 1,659 daily $100K transactions involving the altcoin, the highest number since 2023. Further, the blockchain has a massive 9,531 daily active wallets, which is the most in over 4 weeks.
IntoTheBlock data also confirms that investors are bullish on the LINK token. That’s considering the fact that a massive 77% of the owners of the cryptocurrency have been holding their tokens for more than a year. Also, a significant 63% of the holders are at a profit based on current prices.
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LINK Price: Mixed Signals
The Relative Strength Index (RSI) reads a value of 38.15 for the LINK price action, which is situated in the bearish region of the RSI. There is a possibility for the altcoin to enter the oversold region if LINK does not reclaim the $20 price level and make a move towards $25 in the near future. The gradient of the line supports this analysis.
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On the other hand, the MACD indicator remains bearish for the LINK price action after the altcoin saw a bearish divergence on the daily chart. The histogram also remains red, and the intensity of the bears continues to increase. Sellers remain dominant.
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