- A whale sold over 233,000 LINK ($4.85M), adding short-term selling pressure.
- LINK is testing the $20 support zone, with upside targets at $25 and $30 if it holds.
- Analysts stress LINK’s trend will remain tied to Bitcoin’s dominance and direction.
Chainlink has come under pressure again, this time triggered by a big whale unloading a large stack of tokens. The timing hasn’t helped either, with the broader crypto market leaning bearish as Bitcoin sets the tone. For LINK, the short-term picture feels cloudy, and analysts say its next moves will hinge on how support and resistance levels play out in the coming days.
At the moment, LINK trades near $20.43, down about 2.5% in the last 24 hours. Its daily trading volume hit $2.24 billion, while the market cap sits at $13.9 billion — numbers that show there’s still strong activity, even if the trend is sliding for now.
Whale Selling Sparks Market Anxiety
On-chain trackers spotted a whale cashing out a hefty 233,094 LINK, worth roughly $4.85 million in USDC, at an average of $20.80 per token. Not long after, the same address dropped another 10,000 LINK (about $209,000) onto OKX, sparking rumors that more sell orders might be coming.
Moves like this tend to rattle investors because large selloffs can add extra weight to already shaky price action. It also raises questions about whether confidence is fading among some of the bigger players. Even so, analysts argue that these kinds of dumps often set up the next key support test, which is where the real story unfolds.
Can LINK Find Its Bounce?
Despite the weakness, not everyone’s bearish. Crypto analyst CRYPTOWZRD pointed out that while LINK ended the day in the red against both USD and BTC, its LINKBTC chart may actually be setting up for support. He noted that if LINKBTC can flip old resistance into a floor, it could lay the groundwork for a recovery.
In his words, “Bitcoin’s dominance is the real driver here. Once that calms down, LINK should have the space to push higher.” For now, the token sits at the $20 support zone. If that holds, analysts see potential upside back toward $25 and maybe even $30, both of which remain strong resistance marks on the chart.
Outlook Hinges on Bitcoin
At the end of the day, LINK’s next moves are likely tied closely to Bitcoin’s direction. A stronger BTC environment could give Chainlink the fuel it needs for a rebound, while continued weakness from Bitcoin would probably drag LINK lower too.
Short-term, volatility around $20 may present traders with quick setups, but longer-term holders are watching for a decisive move — either a bounce back toward $25 or a deeper test into lower support. In other words, it’s a waiting game, and Bitcoin still holds the keys.
