Chainlink Price Drops, Whale Crypto Scoops 1.1 Million LINK Coins

Bittime - Chainlink prices fell sharply by 9%, but crypto whales actually bought up 1.1 million LINK. Is this a bullish signal? Check out the complete analysis here.

Correct this price causing the LINK token price to fall to around $17.51 ​​(around Rp. 283,662). However, crypto whales seem to see a golden opportunity amidst this price decline. 

In the past day, large investors have bought up 1.1 million LINKs worth around $19 million (around IDR 307.8 billion).

This massive accumulation action sparked speculation that Chainlink could soon recover and even shoot to new highs. Let's discuss it in more depth.

Crypto Whale Optimistic, Chainlink Ready to Take Off?

Even though the Chainlink price fell, whales did not hesitate to buy up this token in large quantities. According to renowned crypto analyst Ali Martinez, this massive accumulation indicates that large investors still have strong confidence in Chainlink's long-term potential.

Apart from that, Chainlink also received recognition as the Real World Assets (RWA) protocol with the highest development. 

Read also: Chainlink vs XRP: Comprehensive Comparison for Investment

Santiment, a blockchain analysis platform, ranked Chainlink in first place on its list of RWA protocols based on its development activity, ahead of Synthetix (SNX), Dusk Found (DUSK), Reserve Protocol (RSR), and Centrifuge (CFG).

Chainlink Got it Support from Cardano Founders

Optimism towards Chainlink also comes from Cardano founder Charles Hoskinson. He emphasized the importance of oracles in the blockchain ecosystem and indicated the possible integration of Chainlink with the Cardano blockchain. 

With blockchain adoption growing in the traditional financial sector, the role of oracles like Chainlink is increasingly crucial in bridging on-chain and off-chain assets.

Read also: 5 Best Crypto Real World Assets (RWA) for Investment Consideration

Chainlink (LINK) Price Technical Analysis

Technically, Chainlink price is currently approaching the support level at $15.72 (around Rp. 254,664). 

If the price remains at this level, there is a possibility of a rebound towards the resistance zone at $19.75 (around Rp. 319,950) to $23.93 (around Rp. 387,906). However, technical indicators still show bearish pressure:

• MACD: MACD and signal lines are close to each other, indicating uncertainty in price direction.

• RSI: It is at level 36.25, indicating selling pressure is still dominant.

• Bollinger Bands: The price is currently near the lower boundary, which could be a strong support area before a potential upward move.

If LINK manages to break through the resistance of $19.75 (around Rp. 319,950), a short-term bullish trend could occur with the next price target in the range of $20-$25 (around Rp. 324,000 - Rp. 405,000). 

However, if selling pressure continues, the price could again test support below $15.72 (around Rp. 254,664).

Conclusion

Chainlink's price drop does not seem to dampen the optimism of major investors. The accumulation action by crypto whales shows confidence in LINK's long-term potential. 

Coupled with support from developers and the blockchain community, Chainlink still has a chance to bounce back.

FAQ

1. Why is Chainlink (LINK) price dropping?

LINK price experienced a correction of around 9% in the last 24 hours due to broader market pressure and bearish sentiment.

2. What is whale crypto?

Crypto whales are large investors who own significant amounts of crypto assets and are able to influence market prices with their transactions.

3. What makes Chainlink attractive to investors?

Chainlink is a blockchain oracle protocol that connects off-chain data with smart contracts, making it crucial in blockchain adoption in the financial sector and other industries.

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Reference 

coinmarketcap, Chainlink Coinmarketcap, accessed February 19, 2025.

Coinspeaker, Chainlink (LINK) Price Alert: Whales Aggressively Accumulate $19M While Market Bleeds, Preparing for Historic Pump?, accessed February 19, 2025.

Author: Y