Altcoin
Chainlink Whales Dump Heavily Sparking Concerns; Is LINK At Risk
Chainlink whales’ decision to heavily offload LINK tokens caused a market stir on Wednesday, signaling the coin’s price is at risk. Notably, on-chain data by a top crypto analyst revealed that roughly 4 million tokens were dumped in the last 48 hours. In turn, bearish market sentiments bubbled the coin, with its price extending its weekly loss to 15%.
Chainlink Whales Offload Heavily Igniting Market Concerns
According to an X post by crypto market analyst Ali Martinez on February 5, Chainlink whales dumped 4.13 million tokens to exchanges in the last 48 hours. The massive dump amid the broader crypto market’s recent waning movement has set off severe investor concerns about future performance.
For context, massive whale dumps to exchanges flag a loss of large-scale investors’ confidence in the asset’s potential. As a result, the future performance remains at risk, with the broader trends further solidifying bearish market sentiments.
Crypto Market Wanes
Aside from the bearish Chainlink whale activity, another factor threatens the coin’s price. The global crypto realm has seen alarming price drops this week, primarily attributed to trade war speculations amid Trump’s new tariffs. Although postponed for 30 days, the new tariffs still threaten the global markets.
In sync with this saga, even the crypto market sees a downtrend, with BTC and altcoins tanking notably in the past 24 hours. LINK price also mirrored a similar action intraday.
Chainlink Price On Shaky Grounds?
At the time of reporting, LINK price lost nearly 2.5% and exchanged hands at $19.58. The coin’s intraday low and high were $19.37 and $21.26, respectively. As mentioned above, the current waning action aligns with the broader market trend and increased selling pressure amid Chainlink whales’ selloffs.
However, recent data by Santiment indicated that LINK has stood out amid the recent market swing down. Notably, the coin witnessed heavy key stakeholder dip buying, with massive on-chain activity recorded below the $20 level. This data has set off contrasting speculations over the asset’s long-term prospects.
Also, a recent Chainlink price analysis by CoinGape aligned with Santiment’s data, revealing that the recent dip is a potential buy-the-dip opportunity for investors. Traders and investors are keeping the coin on their radars as broader market stats continue taking dynamic shifts.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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