Chainlink Whale Offloads 356K LINK – Will the Price Recover?
More from the Author Sean Williams
A Chainlink whale’s selloff of 356,665 LINK tokens raised concerns, but market analysts remain optimistic, citing strong support levels and bullish technical indicators.
Despite short-term uncertainty, LINK’s resilience and broader market trends suggest a potential rally toward $45 if key support holds.
A recent large-scale selloff by a Chainlink whale has sent ripples through the cryptocurrency market, raising concerns about LINK’s price trajectory. However, market analysts remain optimistic, hinting at a potential all-time high (ATH) if key support levels hold.
Whale Dumps 356K LINK, Market Reacts
On March 13, on-chain data revealed that a major Chainlink holder sold 356,665 LINK tokens for $4.59 million USDC at an average price of $12.88. The transaction, recorded under the wallet address ‘0xc6f7f,’ diverges from the current market cooldown, leading to speculations about whether this indicates weakening confidence in LINK’s potential.
Massive whale selloffs often raise alarms among investors, as they can signal a shift in market sentiment. The move could be driven by broader macroeconomic factors or panic selling amid market volatility. Despite this, the whale still holds 7,693 LINK tokens, suggesting a glimmer of hope for future recovery.
Crypto Market Holds Firm Amid Inflation Data
Despite the whale selloff, the crypto market has shown resilience. The latest U.S. Consumer Price Index (CPI) data signaled cooling inflation, providing some relief to risk assets like Bitcoin and major altcoins. This broader trend has helped prevent further downside for LINK, with the token experiencing a 2% intraday gain, closing at $13.15.
While short-term uncertainty persists, LINK’s ability to hold support above $12 suggests that a potential price rebound could be in the works. Traders and investors are closely monitoring market movements to determine whether the bullish trend can sustain itself.
Analysts Remain Optimistic on LINK’s Future
Market expert ‘Bitcoin Buddha’ weighed in on LINK’s future, suggesting that the token is recovering after testing support near $12. According to technical analysis, a bullish engulfing pattern has formed on LINK’s weekly chart, indicating strong buying momentum. This pattern, coupled with the broader market trend, could pave the way for a rally toward new highs.
Another analysis suggests that LINK could still target the $45 mark, provided it holds a crucial support zone between $6 and $9. If buying pressure sustains and macroeconomic conditions remain favorable, LINK may overcome the bearish pressure induced by the recent whale selloff.
Conclusion: Is a New ATH on the Horizon?
While whale selloffs typically induce short-term market jitters, LINK’s current resilience and technical indicators suggest that an upward trajectory is still possible. Analysts continue to express optimism about a potential breakout, making the $45 price target a realistic possibility if bullish momentum persists.
Investors remain watchful as LINK navigates market fluctuations, with its ability to sustain key support levels playing a crucial role in determining its long-term price movement.
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