Chainlink [LINK] recently experienced a notable event when a whale decided to sell after the cryptocurrency faced a rejection at the $30 mark. This move has left many investors pondering what lies ahead.
In December, we witnessed an increase in transaction activity among large holders of Chainlink, reminiscent of trends from the latter part of 2021. After the price briefly surged past $20, major transactions exceeded $1 million, heightening the sense of urgency among whales. This flurry of activity reached its peak on December 20th and 26th, coinciding with LINK’s struggle to maintain its position around $25. The selling pressure intensified, showing that many larger investors were keen to capture profits, establishing a rather tense atmosphere for those still holding.
Despite the early December rise, where Chainlink experienced what some labeled a “Trump Pump”—a gain of 21% in a single day thanks to a $1 million purchase by Trump-affiliated World Liberty Financial—momentum has since waned. The latest metrics suggest that whale selling behavior has spiked, prompting speculation about whether Chainlink will be able to maintain its price above $20, or if it will continue its decline.
Currently, analytical tools like the liquidation heatmap indicate that the bearish trend is weighing heavily on LINK. Prices are searching for liquidity, particularly near support levels around $20. If this trend persists, Chainlink could find itself further down in search of more stable footing.
As investors absorb these developments, the question remains: what’s next for Chainlink? Will it be able to recover from this whale selling and reclaim the optimism surrounding it, or will the selling pressure drive it further down? With an atmosphere filled with uncertainty, the upcoming movements in LINK will certainly be ones to watch closely.
