cryptonewsz.com
$LINK, the native cryptocurrency of the decentralized Oracle network Chainlink, records a 7.5% drop during Wednesday’s market session. While the selling pressure can be attributed to a broader market correction, the Chainlink price shows notable resilience with a bull-flag pattern and heightened whale activity.
According to Coingecko, the $LINK coin currently trades at $20 with a market cap of $12.8 Billion, and the 24-hour trading volume wavers at $1.9 Billion.
Key Highlights:
- A flag pattern formation drives the current correction trend in Chainlink price.
- The coin price sustaining above the daily exponential moving average (100 and 200) indicates the broader trend as bullish.
- According to on-chain data from Santiment, Chainlink recorded 1,659 daily transactions exceeding $100,000, marking the highest level of whale activity since December 2023.
$LINK Sees Highest Whale Activity Since 2023 Amid Market Dip
As the broader cryptocurrency market experiences heightened volatility, Chainlink ($LINK) has emerged as a standout performer, attracting significant interest from key stakeholders and large investors.
According to on-chain data from Santiment, Chainlink recorded 1,659 daily transactions exceeding $100,000, marking the highest whale activity since December 2023.
Supporting the bullish outlook, the number of active wallets surged to a 4-week high of 9,531, signaling growth in user engagement and network activity.
🔗🐳 With crypto taking a swing back down, Chainlink has stood out as a network with heavy key stakeholder dip buying. 1,659 daily $100K+ $LINK transactions is the most since 2023, and 9,531 active wallets is the most in 4 weeks. When altcoins rebound, keep an eye on this asset. pic.twitter.com/GUjHJALLV3
— Santiment (@santimentfeed) February 4, 2025
Historically, such an increase in whale translation and active wallets has coincided with market recovery as they project as a secured network with sustained price movement.
Chainlink Price Hints Impending Breakout in Flag Pattern,
Since last weekend, the Chainlink price has experienced a surge in selling pressure, which plugged the asset from $26.4 to $20— a 24% decrease. Despite the notable downtick, the coin price maintains its short-term sideways trend, resonating within the formation of a bull-flag pattern.
Generally, the chart setup indicates a temporary pullback for buyers to regain bullish momentum. If the market selling pressure persists, the altcoin could plunge roughly 18% to retest the pattern’s lower trendline at $16.35.
On the contrary note, $LINK price holds a higher potential for rebound and challenges the resistance trendline at $22.5. An upside breakout from this resistance will accelerate the buying pressure and chase a potential target of $31, followed by $40.