Chainlink prices are on a downward trend against the backdrop of a broader market crash, though significant investor activity is being noticed.
Continued Price Decline of Chainlink
The Chainlink token has dropped to a low of $15.68, about 20% below its July high. The overall decline in cryptocurrency prices has been witnessed after President Donald Trump imposed tariffs on many countries, including South Africa, Switzerland, and India. Additionally, the employment data reported has been worse than expected: only 73,000 jobs were created, while the unemployment rate rose to 4.2%.
Whale Activity in the Chainlink Market
Despite the price drop, whales have continued their purchasing spree for LINK tokens. Data compiled by Nansen indicates that whales now hold 3.84 million tokens, a 13% increase from the previous month. The amount of Chainlink tokens on exchanges is also declining, now standing at 276.88 million, which signals less selling pressure among investors.
Technical Analysis of Chainlink Prices
The daily chart shows that the LINK price has pulled back from a high of $20.26 on July 21 to the current level. It has moved below the key support level at $17.96 and the 61.8% retracement level at $16.82. The token appears to be in the second phase of the Elliot Wave pattern, potentially leading to a price surge to $25.60, representing a 62% increase from the current value.
The cryptocurrency market remains volatile, yet whale activity and technical indicators could suggest potential recovery for Chainlink prices in the near term.
