Chainlink (LINK) Whales Continue Heavy Sales: When Will The Downfall Of The LINK End?
Although Chainlink (LINK) became one of the top 10 cryptocurrencies in a short time , it could not hold on to it and remained behind with the rise of THETA.
Chainlink Out of Top 10
Ranking 11th at the time of the writing of this article, Chainlink faced the risk of declining to the 12th place with its total market value declining to $ 10 billion. Another reason for this decrease in the price of LINK is seen as LINK whales.According to technical analysis data, LINK, which is prone to decline and falls below the critical support, continues to consolidate without a clear target. Although Grayscale recently launched a LINK-focused trust fund, the fall of the LINK price scares investors.
LINK Competitors Increase
LINK, the decentralized price data platform, failed to hold its place even when the DeFi industry was booming. The biggest reason for this is seen as the emergence of alternatives of LINK and serious investments in successful projects such as DIA and Kylin Network. LINK, which broke the all-time record with $ 37 on February 20, may fall further according to the symmetrical triangle on the daily chart.
According to Santiment data, LINK whales have had a serious sale in the last 30 days. When the top 100 wallets with between 10,000 and 100,000 LINK are examined, it is seen that $ 2.80 million LNIk was sold in a short time. This indicates that the total assets of whales decreased 3.50% in such a short period of time.
LINK / USD Technical Analysis
The selling pressure of whales can cause a break in the triangle formation. A fall below $ 26 on the LINK / USD trading pair is definitely a huge danger, and LINK has already entered this dangerous area. LINK, which is trading at $ 25.80 at the time of writing this article, may not be able to recover due to the general correction experienced by the crypto money market.
When the bottom of the triangle is lowered, it is seen that the critical target for the price of LINK is $ 18. This means that a very large part of LINK’s rise in 2020 is also returning. The general correction of the market, the sale of LINK whales, and increased competition could do more harm to LINK in the long run.