Chain links [LINK] Tough days don’t seem to be coming to an end anytime soon. The price of LINK is down more than 5% in the past week. According to CoinMarketCapat the time of writing, LINK was trading at $7.19 with a market cap of $3.7 billion.
Realistic or not, here it is LINK market cap in BTC‘s conditions
Investors sell LINK
A tweet from Lookonchain on April 11 revealed that tokens worth millions of dollars have recently been sold. A whale that bought LINK from Binance four months ago transferred 1.2 million LINK worth $8.88 million to Binance via seven addresses.
Whales are sold $LINK!
A whale that bought $LINK by #Binance Transferred 1.2 million 4 months ago $LINK ($8.88 million) to #Binance through 7 addresses.
A whale that bought $LINK by #Crack transferred 1M in December 2021 $LINK ($7.4 million) to https://t.co/Q1M8T0O4yl via 10 addresses. pic.twitter.com/ubhfmybi9E
— Lookonchain (@lookonchain) April 11, 2023
In addition, another whale that LINK bought from Kraken in December 2021 transferred 1 million LINK worth $7.4 million to Gate.io through 10 addresses. This sell-off indicates diminished confidence in CLUTCH among investors.
The immediate effects of the trades were reflected on LINK’s daily chart as the price dropped nearly 3% in the past 24 hours. A similar trend was also noticed in Token Terminal’s chart, which showed a decrease in the number of LINK token holders over the past 180 days.
Source: Token Terminal
Darker days ahead?
When checking LINK’s daily chart, it became quite clear that the token still has several challenging days ahead, most of the market indicators were bearish. For example, the MACD showed a bearish crossover.
CLUTCH‘s CMF registered a downtick and continued below the neutral zone. The RSI also tracked CMF, the indicator was really in favor of the sellers.
Nevertheless, the EMA ribbons remained bullish as the 20-day EMA was slightly above the 55-day EMA.
Source: TradingView
How many Worth 1.10.100 LINKs today
Selling pressure is dominant in the market
From CryptoQuant, Chainlink’s foreign exchange reserve increased at press time, signaling the arrival of higher selling pressure. This was further evidenced by LINK’s exchange inflow as it has increased significantly recently.
Source: Sentiment
Santiment’s chart revealed that LINK’s offerings on exchanges also surged. This was accompanied by a decline in off-exchange supply, which is a typical bearish signal.
However, it was interesting to see that despite the price drop, CLUTCHWeighted sentiment showed signs of recovery by improving slightly.
Source: Sentiment
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