Chainlink Whales Dump $8M LINK, Price Falls 16% – $20 Support at Risk
Chainlink, the decentralized oracle network, slid 16.68% to $20.4 in the past week, tracing a descending channel from a $25 high. On-chain data shows bearish action by LINK whales: one sold 233,094 LINK ($4.85M) and another offloaded 163,990 LINK ($3.32M), totaling an $8.17M dump. Spot taker CVD metrics turned negative, highlighting seller dominance. Retail investors followed suit, with a buy-sell delta of minus $1.5M (Sell Volume $6.3M vs. Buy Volume $4.8M). CryptoQuant reports three days of positive exchange netflow, totaling 823,700 LINK inflows. Technicals confirm downward momentum: DMI negative at 21 vs. positive 13 and an RVGI of -0.24. The $20 mark is now critical support. A breach may see LINK test $18.70, while a daily close above $22.2 would signal a bullish reversal toward $24.49.
Bearish
Large LINK whale sell-offs totaling $8.17M signal waning confidence and amplified selling pressure, as confirmed by negative CVD and buy-sell delta metrics. Exchange net inflows and on-chain data mirror heightened outflows, while technical indicators (DMI, RVGI) point to sustained downward momentum. Historically, similar whale-driven dumps in altcoins accelerate short-term declines and unsettle market stability. Without a hold above the $20 support, LINK may test lower levels, making the near-term outlook bearish. However, a decisive daily close above $22.2 could rebuild confidence and trigger a medium-term rebound.