Chainlink (LINK) Price: Major Whale Takes $12M Profit as Technical Indicators Turn Bearish
TLDR
Chainlink whale 0x7fBB sold 403,000 LINK tokens after holding for over a year, realizing $12 million in profits
LINK price dropped 13% weekly to $13.78 but still trades above key trendline support from June 2023
Technical indicators show bearish sentiment with price below $15 resistance level and MACD remaining negative
Open interest declined from 4.8 million to 3.42 million contracts, indicating reduced speculative activity
LINK needs to reclaim $15-16 resistance zone for bullish reversal, otherwise risks dropping to $9.50-10.10 support
Chainlink faces technical pressure as a major whale cashes out after holding tokens for over a year. The price has dropped to $13.78, down 13% for the week.
Whale 0x7fBB moved 403,000 LINK tokens to Binance after accumulating 1.75 million tokens between March 2023 and March 2024. The whale bought at an average price of $7.03 per token.
Whale 0x7fBB recently started selling $LINK for profit!
Between Mar 24, 2023 and Mar 25, 2024, the whale withdrew 1.75M $LINK($12.3M) from #Kraken at an average price of $7.03 and held for over a year.
Since May 27, he has deposited 403K $LINK($5.87M) to #Binance and still… pic.twitter.com/m3ReQ95bRa
— Lookonchain (@lookonchain) June 5, 2025
The whale still holds 1.35 million LINK worth $18.6 million. At peak prices, the total holding was worth over $39 million in profit.
LINK dropped 4.06% in 24 hours following the whale’s exchange deposits. Daily trading volume remains steady at $261 million.
The price correction followed a sharp drop from late May highs around $15.80 to recent lows near $13.40. LINK now trades in a sideways range between $13.50 and $14.50.
Open interest data shows declining speculative activity. Contract volume fell from 4.8 million to 3.42 million over recent weeks.
This drop typically indicates liquidation events or traders staying on the sidelines. Lower volatility suggests the market awaits a clear directional move.
Technical Outlook Remains Cautious
The weekly chart shows LINK trading below the Bollinger Band basis line at $15.72. This position signals weak upward momentum and potential downside risk.
LINK has repeatedly failed to break above the $15.70-$16.00 resistance range. The lower Bollinger Band sits at $9.51, marking a potential target if selling continues.
Source: TradingView
MACD indicators show the MACD line at -0.70, below the signal line at -0.58. The histogram reads -0.12, confirming bearish momentum remains intact.
Technical compression exists between $13.00 and $15.50. Repeated failures above this range show buyer exhaustion.
The next major support area spans $10.10 to $9.50. This zone could attract price action if higher levels fail to hold.
Trendline Support Provides Hope
Despite recent weakness, LINK still respects a key trendline from June 2023. The token bounced off this level, showing continued buyer interest.
Technical charts suggest bullish targets around $31 remain possible if the trendline holds. Market sentiment improvement could drive this scenario.
$LINK continues to respect its year-long uptrend, delivering a clean bounce off the same trendline that’s held strong since June 2023. Buyers are stepping up, fiercely defending this critical level, proving the trend’s resilience even in volatile conditions.
Currently, $LINK is… pic.twitter.com/rUOUrw57QL
— Crypto Claws (@cryptoclaws_) June 5, 2025
For reversal confirmation, LINK needs to break above $15.72-$16.00 resistance with volume. MACD crossing into positive territory would support this move.
Without this breakout, LINK likely continues consolidating or drifts toward lower support zones. Current market cap stands at $9.08 billion with 657 million tokens in circulation.
LINK maintains its position as a leading decentralized oracle network across various blockchain platforms. However, short-term technical weakness currently overshadows long-term fundamentals.
The post Chainlink (LINK) Price: Major Whale Takes $12M Profit as Technical Indicators Turn Bearish appeared first on CoinCentral.
Filed under: News - @ June 6, 2025 9:47 am