Chainlink Price Prediction: LINK Whale Moves $5.8M, Raising Selling Pressure
The post Chainlink Price Prediction: LINK Whale Moves $5.8M, Raising Selling Pressure appeared on BitcoinEthereumNews.com.
Chainlink (LINK) price has attracted attention recently following recent on-chain activity from whale 0x7fBB. Since May 27, 2025, the whale put 403,000 LINK tokens into Binance, costing about $5.87 million. This has caused many to worry that a big sell-off by the investor could place pressure on the market. Recent whale activity lines up with both technical analysis and Elliott Wave theory, which suggests a possible Chainlink price decline. As analysts and traders are watching these movements, the top altcoin remains a main focus in the markets. Whale Activity Raises Chainlink Price Selling Pressure According to data from Lookonchain, Chainlink Whale 0x7fBB has been offloading a significant portion of their LINK holdings. This whale withdrew 1.75 million LINK from Kraken between March 2023 and March 2024, purchasing at an average price of $7.03 per token. As Chainlink price increased over the past year, this whale has started to sell off some of his holdings. The 403,000 LINK tokens deposited into Binance since May 27, 2025, represent a potential signal for short-term selling pressure. When big holders sell their LINK tokens all at once, it may lead to brief swings in the price of the cryptocurrency. More so, as a result of all this activity, LINK trading volumes on major exchanges rose by 20% to more than $290 million on June 5, 2025. Chainlink Price Chart; Source: CMC However, Chainlink price was affected by the selling pressure, dropping over 10% in the last seven days. Chainlink’s Technical Analysis: A Bearish Continuation From a technical standpoint, Chainlink price remained below critical resistance levels, which further supports the bearish outlook. According to the Elliott Wave analysis by “man of bitcoin,” LINK price is currently undergoing a corrective phase. Chainlink price looks to be in wave-(5) C of ii according to the Elliott Wave…
Filed under: News - @ June 7, 2025 2:32 am