Chainlink at a key level: Will LINK hold onto $13.40 or crash to $10.40?
The post Chainlink at a key level: Will LINK hold onto $13.40 or crash to $10.40? appeared on BitcoinEthereumNews.com.
Chainlink is flashing two scenarios — either the price jumps 15% or it crashes 18%. Traders are over-leveraged at $13.35 on the lower side and at $13.81 on the upper side. After four consecutive days of losses, Chainlink [LINK] has now reached a key level that appeared to be a make-or-break situation for the asset. Amid this downward momentum, investors and traders are showing renewed interest and confidence in the asset, accumulating tokens in anticipation of a potential reversal. 1.78 million LINK moves from BitGet On the 31st of May, blockchain-based transaction tracker Whale Alert shared a post on X (formerly Twitter) that 1,788,188 LINK tokens worth $25.53 million were transferred from BitGet to an unknown wallet. This substantial transfer from an exchange to a wallet is typically linked to whales, indicating potential accumulation as the price continues to drop. Not only this, but exchanges have also been witnessing continuous LINK outflows, as reported by the on-chain analytics firm CoinGlass. Data from the Spot Inflow/Outflow revealed that over the past 48 hours, exchanges have recorded a significant outflow of over $4.49 million worth of LINK tokens. Source: Coinglass This outflow, amid market uncertainty, suggests potential accumulation by investors and long-term holders, which could help control downward pressure. Current price momentum At press time, LINK was found trading near $13.71 after a price decline of 6% over the past 24 hours. However, during the same period, its trading volume jumped by 7%, indicating heightened participation compared to the previous days. With this price drop, LINK has reached a key support level of $13.40, a level that previously provided a strong reversal for the asset. However, sentiment and market structure are now different. If the ongoing potential accumulation continues and downward pressure eases while LINK holds above the $13.40 level, there is…
Filed under: News - @ May 31, 2025 10:15 pm