Whale sells 1.62 million $LINK — selling pressure increases, bears still dominate 🐋
A Chainlink (LINK) whale just sold 1.62 million LINK (~28.9 million USD), causing the price to plummet and market sentiment to become cautious.
🔹 Strong selling pressure:
Trading volume increased by 18% to 1.23 billion USD, but Spot Taker CVD shows sellers overwhelmingly dominate. LINK is trading around 17.40 USD, below the 200-day EMA (18.97 USD) — a strong bearish trend signal remains.
🔹 Important price area:
Key support: 16.40–16.50 USD
If this area holds → it could bounce back 23% to 21.50 USD
If it breaks support → risk of a deep drop of 45% to 8.70 USD 😬
🔹 Derivatives & market sentiment:
Data from CoinGlass shows massive short pressure at 18.5 USD (21.05 million USD), while longs are only 7.19 million USD around 17.1 USD.
Traders are clearly “betting” that LINK will struggle to surpass 18.5 USD — each bounce is seen as an opportunity to short rather than a breakout.
👉 In summary: $LINK is in a precarious position — just losing the 16.4 USD level could lead the whales to “cast their nets” again. 😅
⚠️ This is not investment advice — because if you follow the whale and swim in the wrong direction, you will become… bait for sharks 🐬