LINK, the native cryptocurrency of the decentralized Oracle network Chainlink, records a 7.5% drop during Wednesday’s market session. While the selling pressure can be attributed to a broader market correction, the Chainlink price shows notable resilience with a bull-flag pattern and heightened whale activity.
According to Coingecko, the LINK coin currently trades at $20 with a market cap of $12.8 Billion, and the 24-hour trading volume wavers at $1.9 Billion.
Key Highlights:
- A flag pattern formation drives the current correction trend in Chainlink price.
- The coin price sustaining above the daily exponential moving average (100 and 200) indicates the broader trend as bullish.
- According to on-chain data from Santiment, Chainlink recorded 1,659 daily transactions exceeding $100,000, marking the highest level of whale activity since December 2023.
LINK Sees Highest Whale Activity Since 2023 Amid Market Dip
As the broader cryptocurrency market experiences heightened volatility, Chainlink (LINK) has emerged as a standout performer, attracting significant interest from key stakeholders and large investors.
According to on-chain data from Santiment, Chainlink recorded 1,659 daily transactions exceeding $100,000, marking the highest whale activity since December 2023.
Supporting the bullish outlook, the number of active wallets surged to a 4-week high of 9,531, signaling growth in user engagement and network activity.
🔗🐳 With crypto taking a swing back down, Chainlink has stood out as a network with heavy key stakeholder dip buying. 1,659 daily $100K+ $LINK transactions is the most since 2023, and 9,531 active wallets is the most in 4 weeks. When altcoins rebound, keep an eye on this asset. pic.twitter.com/GUjHJALLV3
— Santiment (@santimentfeed) February 4, 2025
Historically, such an increase in whale translation and active wallets has coincided with market recovery as they project as a secured network with sustained price movement.
Chainlink Price Hints Impending Breakout in Flag Pattern,
Since last weekend, the Chainlink price has experienced a surge in selling pressure, which plugged the asset from $26.4 to $20— a 24% decrease. Despite the notable downtick, the coin price maintains its short-term sideways trend, resonating within the formation of a bull-flag pattern.
Generally, the chart setup indicates a temporary pullback for buyers to regain bullish momentum. If the market selling pressure persists, the altcoin could plunge roughly 18% to retest the pattern’s lower trendline at $16.35.
On the contrary note, LINK price holds a higher potential for rebound and challenges the resistance trendline at $22.5. An upside breakout from this resistance will accelerate the buying pressure and chase a potential target of $31, followed by $40.
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