Key Insights:
- Chainlink whale wallets dropped 31M LINK, showing major sell activity over recent weeks.
- LINK price broke $12.50 support, tracking large inflows to exchanges around Nov 15–20.
- Whale behavior and trendline pressure suggest bearish momentum unless price rebounds above $15.
Chainlink addresses holding between 100,000 and 1,000,000 LINK have reduced their holdings by 31.05 million tokens over the past three weeks. On October 30, these wallets held around 191.5 million LINK. By November 24, that number had dropped to approximately 158.5 million.
This change began gradually but saw sharper movements between November 12 and 21.
Wallet behavior in this range often reflects broader market activity. The movement suggests large players moved tokens either to exchanges or to other wallets, reducing their exposure in the short term.
Exchange Inflows Increase as Price Falls
Data from CryptoQuant shows a rise in LINK sent to centralized exchanges. Two large inflow events were recorded—one on November 15 with over 11 million LINK and another on November 20 with around 8 million LINK. These moves often come ahead of sell activity.
Source: CryptoQuantBetween October 24 and November 24, LINK’s price fell from above $18.50 to roughly $12.40. The largest inflow spikes align with some of the steepest drops in price.
According to Ali Martinez,
Price Action Shows Breakdown
Chainlink’s price recently broke through a support level near $12.50. It is now trading around $12.41, after losing over 11% in the past seven days. The token’s current movement follows a pattern of lower highs since early November.
A descending trendline continues to direct price action downward. Analysts tracking the pattern see resistance around the $15–$16 range. The price may attempt to move toward this level but could face rejection unless volume and demand increase. A deeper move toward $11.50 is now a key level being monitored.
Kamran Asghar noted, “$LINK is actively breaking down from its consolidation pattern. The $12.50 floor has cracked.” His chart indicates that price may retest the trendline before continuing lower.
Source:Kamran Asghar/XFocus Shifts to $11.50 Level
While there was a minor bounce in LINK’s price and holdings around November 23, the broader movement points to ongoing caution from large holders. The steady outflows over the last few weeks, along with continued exchange inflows, are shaping near-term sentiment.
At press time, LINK was trading at $12.41, with a 24-hour volume of over $584 million. The $11.50 support zone is now under watch as market participants assess whether selling continues or stabilizes in the coming sessions.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Source: https://coincu.com/analysis/chainlink-whales-offload-31m-tokens/
