Why Chainlink (LINK) Price Is Struggling Despite Big Whales Interactions?

Standing at a 15% loss over the month, Chainlink is among the few altcoins with the slowest recoveries in the market. Though the token price has surged a little today, the last few days have been quite slow, especially after the crypto market crash. However, the crash was not the only one limiting the LINK price growth as the token has not been anywhere near its best-performing days in three years. The last time Chainlink’s price was booming was in May 2021, when it created an all-time high of $52.88 before declining.

The altcoin also attempted to surge in the same year, but the maximum it could hike was $48.84. But ever since then, the peaks have been low and short-lasting. Even this year’s bullish March could not push LINK price out of the slum.

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LINK Price Stays Unaffected Despite Whales Buying

Earlier in the week, Ali Charts, a famous crypto analyst, brought investors’ attention to the increased whale interaction on the Chainlink token. As per him, whales have collected 6.2 million LINK tokens in just a week, which is worth more than $76.88 million.

#Chainlink whales have snapped up over 6.2 million $LINK this past week, totaling approximately $76.88 million! pic.twitter.com/Hats1Nmsny

— Ali (@ali_charts) July 8, 2024

At the same time, a decline to $12.07 was seen in the Chainlink price before surging again to $13.47, indicating the pulling from both the bears and bulls. This did not just end there, as the next few days also witnessed similar ups and downs due to the high selling pressure in the market.

This selling pressure was from the German Government emptying their seized holding, creating chaos among BTC holders as the Bitcoin price has failed to go past $60K despite multiple attempts. Additionally, the market was still under fear sentiment until recently. And whose impact is on the LINK price surged to $13.01% after a 3% surge in 24 hours. However, it is still on the losing side as the ATH stands 75% away from this.

Bearish Trend Is Dominating For Chainlink

On analyzing the 24-hour charts, the selling pressure is still high, limiting LINK’s price performance. The exponential and simple moving averages (20,30,50,100) indicate that the token is in the selling zone despite the whales buying. However, with the MACD (12,26) being at −0.577, there is also an indication of a trend reversal.

Lastly, the Relative Strength Index is at 45.014, a neutral spot hinting at the presence of both the bear and bulls, which possibly will lead to consolidation, the way it has been throughout the week. For now, the LINK price is closer to the support of 12.922, and if it declines past that, the next support is at 11.512. The charts may lead to an uptrend if the price bounces towards the resistance at 17.487.

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