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The price of Chainlink has crashed below the 200-day moving average and risks continuing to fall due to the accelerating capitulation of whales.
Chainlink (LINK) traded lower on Monday, falling more than 22% from its May high.
On-chain data shows that the whale holdings of LINK token have sharply decreased despite the strong fundamentals of the project.
According to Santiment, LINK whale holdings have been in freefall this year and now stand at 565.7 million, the lowest level in a year. In February, these large holders controlled over 611 million tokens, meaning they have since offloaded 46 million coins.
One of these whales sold a significant amount of LINK over the weekend, moving 356,000 tokens currently valued at $4.6 million to Binance. The wallet owner reportedly made a profit of approximately $2.46 million from the transaction.
The ongoing whale sell-off has resulted in a modest increase in LINK supply on exchanges. Exchange balances now total 193.4 million tokens compared to 192 million last week. An increase in exchange balances often signals that investors are preparing to sell.
Whales are offloading LINK despite its strong fundamentals. Chainlink remains the leading oracle network in cryptocurrency with a total value secured (TVS) of $43 billion, significantly exceeding the $7 billion of Chronicle. It holds a dominant market share of 62%.
The Chainlink network is also demonstrating significant growth. Last week, it enabled Maple Finance (SYRUP) to expand to Solana (SOL). Other protocols, including BOB, Mind Network, and Nura Labs, are also integrated with the platform.
Chainlink technology continues to play a crucial role in the rapidly growing sector of tokenization of real assets. Its cross-chain interaction protocol (CCIP) facilitates the transfer of tokens and messages between multiple blockchains.
The daily chart shows that LINK has been in a downtrend for the past few weeks. The token has fallen from a May high of $17.93 to $13.90 and is now trading at its lowest level since May 8.
LINK has broken both the 50-day and 200-day exponential moving averages. The price is moving in a descending channel, and the MACD has crossed below the neutral line, indicating increasing bearish momentum.
Given these signals, LINK is likely to continue falling, with sellers targeting the key support level at $10.16, its low since April 7. A move back above the 200-day EMA at $15.75 would negate the bearish outlook.
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