- The Chainlink price correction could extend another 10% before challenging key support at $7.7.
- The U.S unemployment rate ticked down from 4.4% to 4.3%, indicating gradual labor market improvement
- The momentum indicator RSI (Relative Strength Index) at 45% reflects an intact bearish momentum in current price trajectory.
LINK, the native cryptocurrency of decentralized Oracle network, Chainlink, shows a slight uptick of 0.8% to trade at $8.69. The insignificant gain created a neutral candle formation in the daily chart indicating a lack of initiation from buyers or sellers. This uncertainty follows the footsteps of Bitcoin amid the release of stronger U.S. jobs data for March 2026 which damped investors’ hope for potential rate cut.
LINK Whale Wallets Hit 125 as Accumulation Grows
On April 3rd, the crypto market witnessed a slowdown in recovery momentum as its market cap held at $2.3 trillion with an intraday gain of just 0.7%. This weak bullish momentum followed the release of March 2026 jobs data at 178,000, by the Bureau of Labor Statistics..
The unemployment rate decreased to 4.3% in March as compared to 4.4% in February.
These numbers are an indication of revival in the labor market after the hiccup in the last month. Consequently, the Federal Reserve will most probably hold the interest rates constant during its next meeting, opting to watch whether the recovery in the job creation will be sustainable upon the temporary distortion caused by the strike subside.
Chainlink whales with over one million LINK tokens grew by 25 percent in the last year, as Santiment data shows. On April 2, 2025, there were 100 wallets in this threshold and currently the number stood at 125.
The following chart shows this growth as a blue line overlaid on the candlestick price moves of LINK between the end of March 2024 and the beginning of April 2026. The number of wallets had been fairly constant throughout the time before spiking towards the end. In the meantime, the price movement was a volatile one with red and green bars as the market fell into a larger decline.
The statistics indicate that large holders were still accumulating despite the Bitcoin and the crypto market remaining in a bear cycle. Such silent whale action is usually monitored by analysts as a possible indicator when the market mood finally turns upside down.
Chainlink Price to Seek Downtrend Support at $7.7
Earlier today, the Chainlink price attempted a bullish breakout from the 20-day exponential moving average and marked an intraday high of $8.81. However, the overall supply hit the market immediately and dragged the LINK price to $8.67 mark, forming a long-wick rejection candle in the daily chart.
The renewed selling pressure, if sustained, could pull the Chainlink price another 10% and retest the next significant support at $7.81. The aforementioned level has cushioned the ongoing consolidation in LINK coin amid the geopolitical tension in the Middle East.
If the Chainlink price breaks below the bottom support with the daily candle closing, the selling pressure would accelerate and push the current correction to $6.5 floor.
On the contrary note, a breakout from the $10 resistance would intensify the buying pressure and push LINK to $11.7 mark.
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