Chainlink (LINK) Faced Renewed Market Pressure as a Whale Offloaded 356665 Tokens Worth $4.59M

Chainlink (LINK) faced renewed market pressure as a whale offloaded 356665 tokens worth $4.59 million, raising fresh concerns over future price direction.

NAIROBI (CoinChapter.com)— Chainlink (LINK) faced renewed market pressure as a whale offloaded 356,665 tokens worth $4.59 million, raising fresh concerns over future price direction.

Analyst Onchain Lens reported via X that a whale sold 356,665 LINK tokens. The transaction totaled $4.59 million in USD Coin (USDC), executed at an average price of approximately $12.87 per token over the past 48 hours.

This sizeable selloff signaled caution among traders, reflecting possible diminished confidence in Chainlink’s near-term performance.

Whale-driven sales often pressure prices, prompting investors to reassess their positions. Yet, LINK’s market performance remained resilient.

Despite bearish pressure, LINK traded at $13.15 at the day’s close, marking gains of roughly 2%. Over the past 24 hours, Chainlink fluctuated between lows of $12.82 and highs of $13.77.

Crypto Market Shrugs Off Whale Anxiety

The broader cryptocurrency market offered LINK some relief, following the release of the latest U.S. Consumer Price Index (CPI) figures.

The post Chainlink Price Today: LINK Rallies 2% as Fresh Technical Analysis Sets Key Targets for NEAR, ADA, and MATIC appeared first on CoinChapter.com.

The data showed inflation easing moderately, reducing immediate pressure on risk-sensitive assets, including cryptocurrencies.

Bitcoin (BTC) and major altcoins benefited, halting recent downward momentum. Chainlink rose alongside them, touching an intraday high of $13.77 before settling near $13.15 by market close.

Yet, despite the stival gains, market participants remained cautious. Onchain Lens, commenting on the whale’s LINK dump, highlighted that the sale could indicate a widespread panic sentiment, prompting a careful reassessment of riskier assets by investors.

Chainlink Price Targets: Analysts Eye Crucial Levels

LINK currently faces substantial resistance at key technical levels. Analyst TradingJip pointed out a critical Fibonacci retracement level at $19.519. According to his recent analysis on X, LINK needs to pierce through this crucial resistance to confirm a bullish “higher low” scenario.

TradeDevils cautioned that $19.519 could remain a substantial barrier, with a “decent chance” of retesting this level. If Chainlink successfully breaks above, investors may see the current price movements as an indication of a confirmed “higher low,” potentially signaling bullish momentum.

Traders Assess Potential For $45 LINK Amid Selloff

Despite the whale-induced uncertainty, Link’s short-term performance displayed resilience. LINK rose 2% intraday, hitting a high of $13.77 before settling around $13.15 at day’s end.

Although the token experienced volatility, traders speculated if LINK could rise toward the optimistic target of $45.

On X, analyst Bitcoin Buddha noted LINK’s resilience in price action despite recent whale-induced selling pressure. He suggested that the current recovery, if sustained, could see LINK reaching a new all-time high (ATH).

However, that scenario would depend on trader sentiment, and whether or not they exert their influence through sizeable transactions.

Undoubtedly, traders will be closely watching key price thresholds like $19.519 for further directional cues.