- A Chainlink whale has sold over 356,000 LINK tokens, sparking concerns among investors.
- Despite the selloff, analysts predict a potential price surge, with some eyeing a new all-time high for LINK.
A recent large-scale selloff by a Chainlink whale has raised eyebrows in the crypto market. On March 13, the whale sold 356,665 LINK tokens for $4.59 million, causing temporary uncertainty among traders.
The whale’s selloff, made at an average price of $12.88 per token, has led to mixed reactions. Large selloffs often indicate a loss of confidence in an asset, and this move has left some investors cautious.
The whale still holds 7,693 LINK tokens, worth around $101,533, suggesting they may be hedging their bets in case of a price recovery. Crypto data analyst OnChain lens took to the x platform, stating;
In the past 48 hours, a whale has sold 356,665 $LINK for $4.59M $USDC at an average price of $12.88. Currently, the wallet holds 7,693 $LINK worth $101,533. Address: 0xc6f7fc….
The sell-off comes amid a cooling crypto market, with traders adopting a risk-averse approach due to macroeconomic uncertainties. The broader market shows signs of resilience, with Chainlink’s price still up 2% in the past 24 hours.
Analysts believe that if key support levels hold, LINK could see gains in the near future. Also, recent U.S. inflation data has provided some relief, easing pressure on Bitcoin and major altcoins, including Chainlink.
Analysts Predict a Bullish Future
Despite the whale’s actions, market analysts remain optimistic. Renowned analyst ‘Bitcoin Buddha’ noted that Chainlink is recovering after testing a key support level near $12. This recovery could pave the way for further gains, potentially leading to a new all-time high if the momentum sustains. He stated;
$LINK seems to be recovering after testing support. I’m optimistic about the possibility of a new all-time high in this cycle. LFG @chainlink DYOR – NAFA.
Technical analysis also supports a bullish outlook. A weekly price chart for LINK shows a bullish engulfing pattern, indicating strong buyer momentum. Additionally, experts suggest that as long as Chainlink maintains its critical support zone between $6 and $9, a price target of $45 remains achievable.
While the whale’s selloff has caused short-term concerns, the overall market sentiment for Chainlink remains positive. With key support levels holding and analysts predicting a potential surge, LINK could be poised for significant gains in the coming weeks. Investors are advised to keep a close eye on market trends and technical indicators to navigate the volatility effectively.
At the time of press, LINK is trading at $13.45, down 2.49% in the last 24 hours. Additionally, the token has seen a slight decline in both its market cap and 24-hour trading volume. Notably, as per the records, LINK’s market cap stands at $8.62B after a 0.91% decrease. Moreover, its 24-hour trading volume is at $480.96M after a 31.20% decline.
