Chainlink price fell to $15.68, marking a 20% drop from July's peak. This decline occurred amid a broader market downturn, while major investors continue to build their positions.
Price Decline of Chainlink
Chainlink dropped to $15.68, representing a 20% decrease from its July high. The broader crypto market also registered losses, with Bitcoin and most altcoins experiencing significant declines. This drop followed the introduction of tariffs by President Donald Trump on goods from countries including South Africa, Switzerland, and India.
Whale Accumulation Increases
Despite the price decline, large investors have been steadily increasing their Chainlink holdings. Data from Nansen indicates that whales hold 3.84 million LINK tokens, up from 3.38 million on July 5, marking a 13% increase in one month. Additionally, the amount of LINK held on exchanges has decreased from 283 million tokens in July to 276.88 million.
Technical Analysis and Forecast
Chainlink has moved below key support at $17.96 and the 61.8% Fibonacci retracement level of $16.82. Analysts note that LINK may be in the second phase of the Elliot Wave pattern, with a potential third phase pushing the price toward $25.60, representing a 62% gain from current levels. A potential short-term catalyst is the nearing end of the claim period for Space and Time (SXT) tokens, which closes on August 8.
Chainlink prices remain under pressure amid a broader market decline, but whale activity and market changes may indicate a potential recovery in the future.
