Chainlink's price is experiencing strong selling pressure today, dropping by 5.7% amid a general market correction. Despite this, large investors, or 'whales', continue to accumulate LINK tokens, signaling optimism for the long term.
Current Movements in Chainlink Price
Currently, Chainlink trades at $21.36, reflecting a 5.7% decrease in the past 24 hours. The market capitalization stands at $13.63 billion. According to Coinglass, the open positions in LINK have decreased by 12% to $551 million. Liquidations in the last 24 hours rose to $3.02 million, with $2.83 million coming from long positions. Active traders and analysts from Solberg Invest indicate a potential head-and-shoulders pattern forming in the Chainlink chart, suggesting further price declines may occur. If the price breaks below the pattern’s neckline, a target of $16.6 is anticipated, with a worst-case scenario predicting a drop to $12.5.
Increase in LINK Whale Accumulation
According to Santiment, despite a significant pullback in the second half of December, active whales holding between 1 and 10 million LINK have taken advantage of the lows. These influential holders added approximately 3.58 million LINK valued at $76.9 million over the last three days. CryptoQuant notes a shift in market dynamics as large investors withdraw their assets from exchanges, reducing exchange reserves to 161.5 million LINK. The active accumulation by Chainlink whales indicates that LINK could provide long-term support.
Impact of Whales on LINK's Future
The interest of whales in market movements may significantly impact the future trajectory of LINK's price. This situation suggests that although Chainlink may face short-term challenges, it possesses strong recovery potential in the long run. For LINK investors, closely monitoring market dynamics and whale movements could be beneficial.
Chainlink's prices continue to face pressure; however, whales show confidence in the token by increasing their holdings with each price decline. This confidence could serve as an indicator of Chainlink's long-term growth potential.