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Chainlink Faces Selling Pressure—Will LINK Defy the Dump and Hit ATH?
A recent and substantial whale dump has left many investors wondering about the future trajectory of the Chainlink (LINK) price. The decentralized oracle network, which was previously on a tear, is now under pressure due to an enormous sell-off triggered by a single large transaction.
Onchain Lens, a popular platform for tracking crypto transactions, detected a massive sale of 356,665 LINK coins, valued at approximately $4.59 million in USDC, conducted by an unknown whale investor. The unfortunate news has caused many traders and investors to question whether Chainlink can rebound from this significant sell-off.
Despite the gloomy outlook, most analysts remain optimistic about LINK’s prospects, citing a few essential factors that suggest it may defy expectations and potentially reach new heights.
Firstly, it is crucial to note that the whale investor did not entirely liquidate their position. They still hold an impressive 7,693 LINK tokens valued at $101,533. This leaves room for speculation on whether the whale might be positioning themselves for a potential rebound or attempting to profit from the current downward pressure.
Another crucial factor in favor of Chainlink is its continued relevance in the Real-World Asset (RWA) industry. As we previously reported, LINK topped the list of RWA assets with the most social mentions, indicating its growing adoption and interest among investors.
Additionally, technical indicators are showing a strong divergence between the price action and momentum, which may indicate an imminent trend reversal. The Relative Strength Index (RSI) has formed higher lows while the price follows an ascending support line. This type of divergence has previously signaled a potential upward movement in the past.
Lastly, Chainlink’s Long/Short ratio suggests that buyers are firmly in control of the market. This is particularly noteworthy since it contrasts with many other cryptocurrencies, which have seen sharp sell-offs and increased shorting activity.
In conclusion, despite this significant whale dump, most analysts believe that Chainlink will be able to defy expectations and potentially reach new heights. It is crucial for investors to conduct their own research and consult financial advisors before making any investment decisions.
