The price of Chainlink has shown significant volatility in light of recent market events, sparking interest among investors.
Increased Whale Activity
Amid rising volatility, Chainlink has seen significant activity from whales. According to recent data from Lookonchain, a large transaction was noted with a deposit of 17.875 million LINK worth approximately $149 million into the Binance exchange.
Preparing for Price Retest
The price of Chainlink has formed a descending channel and continues to trade within this pattern since May 2025. It is on the verge of retesting its support trendline, which could lead to price increases.
Current Market Response and Analysis
The trading volume for Chainlink spiked sharply in April, but has shown consolidation since then. The Stochastic RSI is below the oversold range, indicating a potential reversal. If the price successfully retests the support level, it could move back to resistance levels of $13 or $15.
Amid current market sentiments, Chainlink's price shows signs of uncertainty, yet potential price rebounds and whale activity could alter the situation.
