- In a dramatic twist, whale address 0x33f7 has unleashed a torrent of 722,416 LINK, worth a staggering $11.11M, onto Binance, sending LINK’s price spiraling downwards.
- LINK has plummeted below its once-reliable ascending trendline and the $15 support; the next stop? Perhaps a dismal $10.85.
Ah, Chainlink [LINK], the once-mighty titan of the crypto seas, now floundering like a fish out of water, flashing a strong bearish signal with no signs of a miraculous recovery in sight. For three consecutive days, it has bled profusely, and the sharks are circling.
In the midst of this chaos, a crypto whale has been spotted, dumping millions of dollars worth of LINK tokens, seemingly accelerating the downward spiral. Who knew whales could be so… generous?
Crypto whale dumps $11.11 million of LINK
On this fateful day, the 30th of May, Lookonchain took to X (formerly Twitter) to reveal that the infamous address 0x33f7 had offloaded 722,416 LINK tokens, worth a jaw-dropping $11.11 million, onto Binance, the world’s largest cryptocurrency exchange. Talk about a fire sale!
This monumental token dump coincided with the price breaking through a key support level, transforming the market into a veritable bear pit.
As of now, LINK is trading at a mere $14.50, down 8.25% in the last 24 hours. Meanwhile, trading volume has surged by 45%, indicating panic exits and leveraged plays flooding the market. It’s a veritable stampede!
$3.37 million of LINK outflow signals accumulation
Yet, amidst the turmoil, some investors and long-term holders are seizing the moment, accumulating tokens like squirrels hoarding acorns for winter, according to CoinGlass.
Spot outflow data reveals that $3.37 million worth of LINK tokens have exited exchanges over the past 48 hours. A quiet accumulation, perhaps? Or just a bunch of hopeful dreamers?
$6.30 million worth of bearish bets
Meanwhile, intraday traders are riding the wave of market sentiment, placing their bets firmly on the bearish side. So far, traders are over-leveraged at $14.29 on the lower side (support) and $15.01 on the upper side (resistance). At these levels, long positions total $3.04 million, while short positions stand at a staggering $6.31 million.
This indicates that the bears are firmly in control, and the bulls? Well, they seem to have taken a long vacation.
When we combine these data points, it becomes clear: LINK is bearish in the short term, as traders are heavily shorting near the $14.29 support level, increasing the risk of a catastrophic breakdown.
Chainlink price action and key levels
According to AMBCrypto’s technical analysis, LINK appears to be on a downward trajectory, poised for significant losses, with no signs of an early recovery. The outlook is as bleak as a winter’s night in Siberia.
With a series of consecutive red candles, the asset has broken down from its key support level, which it had been clinging to like a lifeline. If this downward momentum continues and the price closes a daily candle below the $14.75 level, we could see LINK plummet by 25%, potentially reaching the dismal depths of $10.85.
However, a glimmer of hope remains: a bullish entry could only be possible if the LINK price manages to reclaim and rise above the $15 and $16 levels. Until then, the bears reign supreme, and the bulls are left to ponder their existence.
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2025-05-30 22:19