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Chainlink: Whale activity signals more downside – Can demand at $14.27 hold?
The cryptocurrency market has been experiencing significant volatility in recent times, with most digital assets witnessing a sharp decline. Among the hardest hit is Chainlink (LINK), which has dropped 26.80% in its largest monthly loss. Despite the pessimistic outlook, some market indicators suggest that LINK could be poised for further decline before rebounding.
One of the key metrics being tracked is whale activity, with IntoTheBlock revealing an increase in whale sell-offs over the past week. The Large Holders Netflow to Exchange Netflow metric has shown a 0.27% rise in whale-driven market activity, indicating that large holders are exerting downward pressure on the LINK’s price.
This increased whale activity has led many analysts to warn of further downside for Chainlink. They point out that whales have been driving the market activity and their continued sell-off could push the price lower.
However, there is a chance that demand at $14.27 might hold, as some indicators suggest that buying pressure could increase once LINK reaches this level. It’s worth noting that Fibonacci levels have also been used to identify potential support and resistance points.
The Relative Strength Index (RSI) has also indicated that LINK is nearing the oversold region, suggesting that a reversal may occur if the RSI remains below 30.
Source: ambcrypto.com
