Large whales sold 4 million LINK quantities in the market which pushed the token price from $21 down to $19.
According to Ali Martinez in his X update the biggest Link holders that manage 1 million to 10 million LINK assets sold over 4 million tokens beginning February 2. The market experienced another major sell-off after the previous one that occurred in late January pushed LINK from $26 all the way down to $22.
Whales have offloaded 4.13 million #Chainlink $LINK in the last 48 hours! pic.twitter.com/B0ELv4wEAb
— Ali (@ali_charts) February 5, 2025
Investors sold Link tokens because they wanted to take profits rather than because Chainlink faces core problems. Big token holders choose to sell since LINK price crossed the $25 mark. According to CoinGecko there have been no essential problems found with the project during this period.
Whales Influence LINK’s Direction
The whole cryptocurrency market shows instability because U.S. President Donald Trump started implementing new tariffs. The rising trade tariffs from President Trump between Mexico, Canada, and China push investors towards selling their risky asset holdings including Chainlink.Technical analysis shows LINK resting between ranges while waiting for new direction to develop.
The crypto expert Nebraskangooner with 375,000 followers on X observes LINK trading within its defined parameters. He pointed out that when support levels fail to hold up the price will likely reach $12.00 at the least. When LINK surpasses resistance levels it might begin a new ascending price trend. Looking forward to a price movement is better than trying to trade small market swings.
Chainlink keeps its position as a critical blockchain component through its work as a decentralized oracle network to connect smart contracts with real data. LINK’s latest price swings show how major investors control price changes and affect overall market response to economic conditions.
Markets will assess LINK’s direction at its current zone of $19 because traders study technical indicators and market emotions.
$LINK (per request)
Pretty straight forward consolidation when zoomed out.
Break down from this support would likely see $12.00 or lower.
Break above and new local highs.
Would rather wait for a consolidation break than get lost in the chop inside pic.twitter.com/KjCm0wEmGx
— Nebraskangooner (@Nebraskangooner) February 4, 2025
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