- Chainlink (LINK) has dropped to $20.92, driven by the broader market downturn and Bitcoin’s fall below $100,000.
- A crypto whale sold 120K LINK for $3M, then bought back 134K LINK, capitalizing on the market dip.
- Technical indicators suggest a rebound for Chainlink, with a potential target price of $52.28.
Chainlink (LINK) has witnessed a notable decline in its price, largely driven by the broader market downturn and a significant dip in Bitcoin’s value. Recently, Bitcoin fell below the $100,000 mark, sparking fear and triggering a widespread sell-off across the crypto market. As a result, LINK’s price has taken a hit, with traders and investors showing caution amid the uncertainty.
At the time of writing, Chainlink is trading at $20.92, with a 24-hour trading volume of $3.16 billion and a market capitalization of $13.11 billion. The cryptocurrency’s market dominance stands at 0.40%, but it has seen a sharp 17.80% decrease in the past 24 hours.
Whale Sells 120K LINK for $3M, Reinvests in Market Dip
Interestingly, data from Spot On Chain reveals a savvy move by a crypto whale who capitalized on the market’s volatility. The whale, identified as “pleven.eth” with wallet address 0xd51, sold 120,814 LINK tokens for 3.019 million USDT.
Just six hours later, this same whale used the proceeds to buy back a larger amount—134,433 LINK tokens—right as the price hit its recent low, demonstrating a successful sell-high, buy-low strategy.
Chainlink Set for Bullish Rebound, Targeting $52
Despite the recent pullback, technical indicators signal a potential rebound for Chainlink. According to crypto analyst Andrew Griffiths, Chainlink has formed a “Cup & Handle” pattern, suggesting a bullish scenario soon. The breakout from the pattern has triggered upward momentum, creating pressure to push prices higher. However, the bears have pulled prices back toward the pattern’s neckline, which previously acted as an upper resistance line.
The bid zone for Chainlink is currently between $19.27 and $22.87, and Griffiths expects the price to continue moving upward, driven by sustained buying momentum from the bulls. Following this pullback, Chainlink is set to test its previous all-time high, which dates back to 2021. If this bullish trend continues, the target price for LINK could rise to $52.28, offering potential gains for investors who believe in the coin’s long-term prospects.
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