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Highlights
- Chainlink price drop led to a 12% drop in open interest and $3.02 million in liquidations over 24 hours.
- Despite short-term bearish pressure, whale activity suggests confidence in LINK's long-term prospects.
- Key holders of 1 million to 10 million LINK accumulated 3.58 million tokens worth $76.9 million over three days.
Chainlink price continues to see strong selling pressure dropping another 5.7% today amid a broader market correction. Following a rejection at $30, LINK has corrected 27% testing crucial support levels at $22. On the other hand, LINK whales have been accumulating at every price dip highlighting bullishness among long-term players.
Where is Chainlink Price Moving Next?
Chainlink is seeing strong selling pressure with the LINK price today correcting by another 5.7% in the last 24 hours and is currently trading at $21.36 with a market cap of $13.63 billion. The Coinglass data shows a 12% drop in the LINK open interest to $551 million. Also, the 24-hour liquidations have soared to $3.02 million of which $2.83 million is in long liquidation.
Popular crypto analyst Solberg Invest has flagged a potential head-and-shoulders pattern forming on Chainlink’s (LINK) chart, suggesting the possibility of a price decline. The analyst noted that if the Chainlink price breaches the pattern’s neckline, the token could target $16.6, with a worst-case scenario seeing a drop to $12.5. This technical formation adds a cautious note to LINK’s outlook, urging traders to monitor the market closely for further developments.
Despite this short-term bearishness, crypto investors continue to remain bullish for the long term. As per the CoinCodex data, 62% of investors believe that the LINK price can shoot up to $35 in the next month and further to $40 over a three-month period. This means that LINK investors can mint nearly 100% gains by the end of Q1 2025.
Having said that, it appears that Chainlink could witness a strong rebound ahead if bulls regain momentum. Besides, a recent LINK price prediction showed that the crypto is likely to hit $44 by next month, which has fueled market sentiment.
LINK Whale Accumulation on the Rise
Blockchain analytics firm Santiment reports that Chainlink price has experienced a major retracement in the latter half of December, mirroring trends across the broader crypto market. Despite the decline, key active whales holding between 1 million and 10 million LINK have taken advantage of the dip to accumulate.
As per data from Santiment, these influential holders have added 3.58 million LINK – valued at approximately $76.9 million – over the past three days. Such whale activity is often considered a bullish indicator, suggesting potential long-term support for LINK’s price trajectory.
With the LINK whale continuing to withdraw their assets, the exchange reserves have taken a significant dip. According to data from CryptoQuant, the exchange reserve dropped to 161.5 million highlighting a shift in market dynamics, with large investors moving their holdings away from exchanges.
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