LINK, the native cryptocurrency of the decentralized oracle network, Chainlink, recorded over 3% loss in the last 24 hours to trade at $12.76. The selling pressure resonates with broader market pullback amid the U.S. tariff tension. However, the Chainlink shows a above $12.5 floor as the latest on-chain data shows renewed accumulation from crypto whales.
Key Highlights:
- Chainlink price correction is poised for a 2% drop before testing major support at $12.
- Large Chainlink holders took advantage of the pullback by increasing their accumulation below $13.
- The open interest tied to LINK’s futures contracts has plunged to $580 million, suggesting a drop in speculative force.
LINK Whales Buy the Dip While Retail Capitulates
Since last week, the Chainlink price has witnessed a notable pullback from $14.4 to $12.67, registering a loss of 12%. The downtick aligns with a renewed selling pressure in the broader crypto market as U.S. president Donald Trump announced tariffs against the EU.
Chainlink’s market downturn has spread to its futures segment, where contracts tied to the token fell off a cliff. Data from Coinglass shows that open interest for LINK fell dramatically, from about $688 million to $580 million which equates to about a 15% decrease. This shift indicates that derivative participants are exiting their leverage position in this asset amid the current market uncertainty.
The cautions approach also reduced the speculative force for price, further reinforcing a bearish to neutral sentiment in market.
In contrast, insights from Santiment show the top 100 holders of Chainlink are taking steps to increase their buying activities as the token has fallen below the $13 mark. While smaller investors are dumping holdings to frustration and negative sentiment, these large players seem to be stockpiling even more LINK. Such moves by influential wallets are often groundwork for potential upward movement or even attempts to manipulate future price surges.
This pattern highlights a split in the market behaviour: on one hand, everyday participants responding to immediate dips, and on the other hand, strategic accumulation by those with substantial resources. The continuous changes in holdings may restructure things in the upcoming periods, as Chainlink battles its way through market volatility.
Chainlink Price to Extend Consolidation trend With Triangle Pattern
By press time, the Chainlink price trades at $12.7, registering an intraday loss of 1.5%. Consecutively, the asset market cap plunged to $8.96 billion. With sustained selling, the LINK price could plunge another 3.3% to test a long-coming support trendline at $2.12.
Since mid-June 2023, the ascending trendline has acted as a key accumulation zone for buyers to renew their bullish momentum. Interestingly, the bottom trendline also acts as the ongoing support of a symmetrical triangle pattern in the daily timeframe chart.
The chart setup consists of two converging trendlines which creates a temporary consolidation in price before the next decisive move. The momentum indicator RSI at 41% accentuates the bearish sentiment in the market, reinforcing a potential support retest to $12.
If the support holds, the coin price could rebound and prolong ongoing sideways trend.
However, the buyers need a bullish breakout from triangle resistance to bolster sustainable growth in price.
Also Read: Ethereum Staking Hits 77.8M ETH as Price Breakout Signals Strength
