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If $LINK breaks below $15, bears may push it toward $12.60.
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Whales have sent nearly 610,000 Chainlink ($LINK) tokens to exchanges.
The overall cryptocurrency market appears bearish. Amid this, some investors saw an opportunity and accumulated tokens, while others panicked and sold their holdings.
610,000 $LINK Sent to Exchanges
Recently, a prominent crypto expert shared a post on X (formerly Twitter), revealing that crypto whales have moved nearly 610,000 Chainlink ($LINK) tokens to exchanges in the past 24 hours, signaling increased selling pressure.
Looking at the price action and historical momentum, $LINK appears to have found some support near $15. If this sentiment remains unchanged and $LINK closes a daily candle below the $15 level, there is a strong possibility it could decline another 15%, reaching the next support at $12.60.
This consolidation breakdown has pushed $LINK into a downtrend. During the consolidation phase, the asset was not only trading within a tight range but also moving above the 200 Exponential Moving Average (EMA) on the daily timeframe. This breakdown below the 200 EMA may further explain the asset’s bearish trend.
$8.65 Million Worth of $LINK Outflow
This bearish outlook might be the reason why whales have moved their $LINK holdings onto exchanges. However, some investors and long-term holders have been accumulating the tokens, as reported by the on-chain analytics firm Coinglass.
Data from spot inflow/outflow reveals that exchanges have witnessed an outflow of over $8.65 million worth of $LINK tokens in the past 24 hours, indicating potential accumulation.
The significant dumping and accumulation of $LINK by investors, long-term holders, and whales reflect individual sentiments amid market uncertainty.