The crypto market has seen an intensive selloff in the past week, and Chainlink whales are actively selling, casting doubt on the market outlook of LINK
Chainlink (LINK) has witnessed a significant activity that might impact its price recovery attempt journey. LINK has struggled to find support above the $12 level in the last seven days and has maintained a steady rise.
Chainlink Whale Sell-Off Sparks Market Uncertainty
However, a Chainlink whale has decided to make a move that could upset the price dynamics of LINK in the cryptocurrency market. According to Onchain Lens, an analytical platform on X, in the past 48 hours, the whale has sold 356,665 LINK tokens.
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: 0xc6f7fc2735ef7eb0db201dd103f2f2e6cbcfe187 pic.twitter.com/dlIAJPy7TL
— Onchain Lens (@OnchainLens) March 13, 2025
The total sales value is approximately 4.59 million USDC at an average cost of $12.88 per LINK. This could exert pressure on LINK as it adds to the flooding of the market with LINK when the token is trying to rebound.
The whale’s massive offload of the coin leaves it with just 7,693 LINK, valued at about $101,533 at the current market price.
Notably, the whale’s decision to sell off his holding at a low price suggests a loss of confidence in LINK’s potential to rebound. This could send a signal to retail investors to withdraw their funds by selling off their investments.
Some analysts, however, maintain that the whale might hope for a future recovery, hence its decision to hold on to over 7,000 LINK tokens. This could relieve the large holder when the price rises to higher levels.
Others have argued that the whale might have decided to sell for profit, especially if it acquired the coins at a much lower rate. Regardless, the signal it sends to LINK investors remains bearish and might threaten a possible price recovery.
Can LINK Rebound and Reach New Highs?
As of this writing, LINK is changing hands at $12.95, down 3.77% in the last 24 hours. The trading volume, however, remains down 38.14% to $362.67 million.
Market watchers welcome the slight climb but insist that Chainlink must regain key price levels for them to confirm its rebound move. This is because the asset has lost 30.81% of its value in the last 30 days and has continued fluctuating in the market.
The market for LINK remains uncertain as the ecosystem continues to monitor the impact of the whale’s action. Some anticipate it will trigger massive sell pressure on the market.
However, Bitcoin Budddha, a market analyst, has expressed optimism about LINK. He believes that LINK’s price chart shows a recovery after the token tested the $12 support level.
According to the analyst, LINK could record massive gains and post a new all-time high if it sustains its recovery efforts.
Market watchers note that Chainlink has been known to ride into a bull market because of community hype. So, Bitcoin Buddha’s optimism might occur depending on the sentiments expressed by LINK holders.
Disclaimer: The information provided in this article is for informational purposes only. It does not constitute investment, financial, trading, or any other sort of advice. You should not treat any of BGECrypto’s content as such. BGEcrypto does not recommend that any cryptocurrency should be bought, sold, or held by you. Do your due diligence and consult your financial advisor before making any investment decisions.
