A major LINK token sale involving 356,665 units has raised concerns in the crypto market.
LINK Sell-off by Whale
On March 13, a Chainlink whale sold 356,665 LINK tokens for $4.59 million. The transaction was made at an average price of $12.88 per token, causing temporary uncertainty among traders.
Reactions to the Sell-off
The sale led to mixed reactions. While such large sales can indicate a loss of confidence in an asset, some investors remain cautious. The whale still holds 7,693 LINK, worth around $101,533, indicating a possible hedging strategy in case of a price rebound. Analysts believe that if key support levels hold, Chainlink could see further price gains.
Optimistic Analyst Predictions
Market analysts remain optimistic. Renowned analyst ‘Bitcoin Buddha’ noted that Chainlink is recovering after testing a key support level near $12. This recovery could pave the way for further gains, potentially leading to a new all-time high if the momentum sustains.
Despite temporary concerns raised by the large sale, analysts and overall buyer sentiment remain positive on LINK's growth prospects in the coming weeks.
