Whale Alert spotted several huge LINK transactions carrying 2,214,978 tokens cumulatively; Meanwhile, LINK’s exchange rate has dropped to the $ 15 zone.
According to data from Whale Alert, in the past fifteen hours, unknown users transferred $ 35.5 million to Chainlink, which is ranked sixth by market value. While this was happening, LINK fell further from the $ 16 zone.
Big Players Move on Chainlink
Six major LINK transfers have been made in the past fifteen hours. One of these was made by an unknown cryptocurrency whale who sent a large sum like 722,783 LINK ($ 11,354,118) to the Binance exchange. After this “series”, two transactions of 500 thousand LINK each and approximately 200 thousand LINK transactions made by anonymous crypto holders took place.
Whales were reported to have recently transferred large amounts of LINK, according to data previously shared by the Santiment analysis firm. These crypto users kept between 100 million and 10 million LINK in their digital addresses.
At the time of writing, LINK is changing hands at $ 15.22 as it fell from the $ 16 zone the other day. Meanwhile, according to data from CoinMarketCap, five days ago (August 16) LINK’s exchange rate was around $ 19.
On Thursday, the top Bitfinex exchange tweeted that it was listing LINK. Trade will start today; however, this has not yet reversed the price of LINK. LINK is still in decline.
What’s the case with LINK?
Chainlink continues its downward movement, with a decrease of 8.26% in the last 24 hours, according to CoinMarketCap data. LINK was trading at $ 15.18 at the time of writing. LINK had reached the $ 20 mark prior to this decline. Analyst Namrata Shukla stated that if LINK continues to decline and fails to hold on to $ 9.72, it could see serious drops.
According to the analyst, LINK recently returned to the equilibrium zone after being in the overbought zone for most of August. While the digital asset remained close to the overbought zone, its price remained close to the resistance level on the charts. Since the resistance of the cryptocurrency has not been sufficiently tested, LINK can once again touch the price level and retreat.
In a downside situation, LINK is close to the $ 14 level and the 100 simple moving average (4-hour), according to analysts. A bearish break below the $ 14 support level could push the price into a bearish zone. In the situation stated, the price could drop to $ 12 or even $ 10.