Whale Activity Sparks Concern: Will Chainlink’s $14.27 Demand Hold Strong?

"Whale Activity Raises Concerns: Can Chainlink Hold at $14.27?"

Chainlink (LINK) faced a 26.80% monthly loss, with further declines possible. Resistance exists around $23.78, while a demand zone lies between $14.27 and $16.65.

Rachel Patel9 February 2025Last Update : 1 day ago

Chainlink: Whale activity signals more downside - Can demand at $14.27 hold?

ambcrypto.com

Chainlink (LINK) experienced its largest monthly loss last week, dropping 26.80% amid significant market sell-offs. As of February 9, 2025, LINK continued its downward trend, losing an additional 61.2% in the past 24 hours, raising concerns about further declines before any potential price recovery.

6 Key Takeaways

Chainlink (LINK) dropped 26.80% last month.
Current downtrend may target $23.78 resistance.
Demand zone identified between $14.27 and $16.65.
Whales exerting downward pressure on LINK.
RSI indicates LINK nearing oversold conditions.
Price rebound possible if buying resumes.

Fast Answer: Chainlink’s price fell 26.80% last week and 61.2% in the past 24 hours. Major resistance is noted around $23.78, while a demand zone exists between $14.27 and $16.65, where buying activity could increase.

The recent downturn in Chainlink’s price has been attributed to increased selling pressure from market whales. The Large Holders Netflow to Exchange Netflow metric indicated a 30.26% rise in whale-driven activity, reflecting a shift in market dynamics. Currently, LINK is facing a significant resistance level at $23.78, where 110.43 million LINK sell orders from 96,760 addresses create a bottleneck for upward movement.

Market analysts suggest that LINK could decline further to a demand zone between $14.27 and $16.65. This zone holds 152 million LINK buy orders from 72,890 addresses, which may provide enough momentum to counteract the selling pressure. If LINK reaches this demand zone, it could attract additional buying interest, potentially leading to a price rebound.

Technical analysis using Fibonacci retracement levels indicates that LINK has dropped below the $18.01 support level and is approaching the next support at $14.52, aligning with the identified demand zone. The Relative Strength Index (RSI) currently stands at 34.16, indicating high selling pressure. If the price falls to $14.52 and the RSI drops below 30, a reversal may occur as selling pressure subsides.

Notice: Canadian investors should be aware of the volatility in cryptocurrency markets. Always consider market Trends and consult with financial advisors before making investment decisions.

In summary, Chainlink’s recent price movements reflect significant selling pressure, particularly from market whales. The resistance level at $23.78 poses a challenge for upward movement, while a potential demand zone between $14.27 and $16.65 may offer support if reached. Market dynamics and technical indicators will play a crucial role in determining the future price trajectory of LINK.