Chainlink’s price struggles – But whales are positioning, not panicking
Despite Chainlink (LINK) trading under pressure and being trapped in a descending channel, large holders (whales) are strategically accumulating rather than panicking. A notable whale withdrew 404,000 LINK ($5.5M) from Coinbase, part of a broader trend of exchange outflows reducing readily available supply. This suggests conviction and long-term positioning amid price weakness.
Technically, LINK remains corrective, with support near $11.92 and resistance at $14.69. The RSI indicates weakening momentum but not extreme exhaustion. Derivatives data shows open interest falling by 8.6%, signaling deleveraging rather than aggressive shorting, while funding rates turned slightly negative, reflecting neutral-to-cautious sentiment.
Overall, the market is stabilizing structurally, with reduced leverage and steady accumulation potentially setting the stage for a more organic recovery. Patience is favored over urgency.
ambcrypto01/19 14:03