Chainlink (LINK) is defending the $12 line, even as one of the largest LINK unlocks in months hits the market. Are buyers quietly absorbing supply, or is this calm before another leg down?
LINK Trapped in a Descending Channel
LINK has been in a descending channel since rejection near $23 two months ago.
Daily low: ~$11.7 → currently around $12.5
Trend: still bearish
Weekly: -8.78%
Monthly: -9.25%
11.25M LINK Unlock Hits the Market
9.23M LINK (~$116M) → Binance (two large deposits: 5.22M + 4M)
2.02M LINK (~$25M) → Chainlink ecosystem multisig
Large exchange deposits often signal potential selling pressure.
Exchange Flows & Market Absorption
Inflows spiked: 10.2M LINK
Outflows: 1.1M LINK
Netflows: +9.1M LINK → highest in 2 months
Netflows quickly normalized (-117K LINK), suggesting the market absorbed most supply.
Buyers Defend $12
Buy volume: 3.5M LINK | Sell volume: 3.2M LINK → Buy/Sell delta: +300K LINK
Stochastic RSI: bullish crossover at 23 (oversold)
Short-term bullish momentum building, but trend reversal not confirmed yet.
Key Levels to Watch
Bullish:
$12 holds → $13.02 → $13.70
Bearish:
$12 fails → $11.00 → $10.90
Short-Term Trading Plan
🔵 Buy Setup (Support Defense)
Entry: $11.9 – $12.1
TP1: $13.0 | TP2: $13.7
SL: $11.4
🔴 Sell Setup (Resistance Rejection)
Entry: $13.5 – $13.8
TP1: $12.2 | TP2: $11.0
SL: $14.6
Conclusion
Despite a massive token unlock, LINK’s $12 defense shows a balance between selling pressure and dip-buying demand. Trend remains bearish, but short-term absorption suggests buyers may push for a breakout — or delayed selling could resume.
📉📈 Trade the data, not the noise.
