Chainlink has recently experienced significant on-chain changes, with a whale transferring nearly 2 million LINK (approximately $25 million) to Binance, which usually indicates liquidation rather than long-term holding. The net inflow of large holders compared to the net inflow to exchanges surged by 8483% within a week, suggesting that large holders may be preparing to sell. The NVT ratio reached 751, indicating that the market capitalization far exceeds trading volume, suggesting that prices may be driven up by speculation. The MVRV Z-Score has dropped to -0.78, showing that most holders are in a loss position, but the continuous increase in inflows to exchanges reflects a complex market sentiment. Nearly 10 million LINK have flowed into exchanges, intensifying selling pressure, with prices hovering around the support level of $12.42; if it breaks below this level, it may drop to $10.05. Overall indicators lean bearish, unless demand recovers or resistance levels are broken, short-term risks remain high.