Crypto Whales have dumped over 170 million in Chainlink (LINK) in the last three weeks, signaling concerns of a potential price crash. In the last 30 days, LINK is down 18%, with selling pressure around the altcoin growing. Despite the coin being added for transactions on the PayPal payment service, momentum around LINK remains negative, causing some concern that the asset’s price will continue to decline.
After weeks of volatility and downside moves, bulls continue to struggle to regain control, with LINK failing to break above key resistance levels. According to on-chain data from Santiment, whales have sold over 170 million LINK in the last three weeks. Whale activity around an asset is often looked at when analyzing a cryptocurrency’s next price movement. This significant outflow from large holders has fueled speculation that an additional downside may come.
Chainlink is down 17% since March 26. Its trading volume in the last 48 hours is also down over 20%, with smaller investors beginning to hold instead of buying into the coin. The fear of an extended downside remains high, with many traders hesitant to step back in until clearer bullish signals emerge. The uncertain US economy amid new tariffs and a stock market selloff is impacting the entire crypto market. Bitcoin is even taking a hit, consolidating around $83,000 this past week and not breaching $90,000 in nearly a month.
Also Read: BRICS: US Dollar Plummets, Gold to Soar in Best Case Scenario for Bloc
While the price future of Chainlink LINK is uncertain, some investors are actually optimistic. According to CoinCodex, LINK could be in the early stages of another bullish leg. The platform anticipates the asset to hit $22.48 on May 10. LINK’s price will rally by about 75.63% if it hits the $22.48 target. Despite the bullish outlook, CoinCodex does not anticipate Chainlink’s (LINK) price to hold above $20. The platform expects a price correction to around $11.38 by late May.
On the flip side, there is also a possibility that LINK may not rally as predicted by CoinCodex. Trade wars and macroeconomic conditions continue to present substantial challenges. The crypto market may find itself in a tight spot over the coming weeks. Things may change for the better if the Fed announces an interest rate cut. The central bank paused rate hikes last month but has yet to announce a rate cut for this year.
Credit: Source link
