Key Takeaways
- Amid market uncertainty, $115.57 million worth of Chainlink (LINK) has been moved to Coinbase, hinting at a possible sell-off ahead.
- Price action suggests that if LINK fails to hold the $16.40 level, it could see a sharp decline and may drop to around $8.70.
- The derivatives tool Coinglass reveals that traders with a bearish outlook are currently dominating the asset.
Bearish sentiment around Chainlink (LINK) is intensifying as whales engage in heavy selling amid the broader market downturn. Today, crypto transaction tracker Whale Alert shared multiple posts on X, noting that whales were dumping LINK to Coinbase while the market was bleeding.
$115 Million Chainlink (LINK) Sent to Coinbase
According to CoinMarketCap data, the overall cryptocurrency market has dropped by 4.76% today, pushing LINK’s price to lower levels. During this period, whales dumped 64.37 million LINK tokens worth $115.57 million into Coinbase, which has negatively impacted the asset’s price.
Today, LINK has been hit the hardest, plunging over 9% and currently trading at the $16.68 level. Despite the notable price dip, market participation continues to rise, as evident from the 55% surge in trading volume to $1.35 billion.
You might be wondering what’s driving LINK’s trading volume to surge significantly. The answer appears to lie in the current price level, which has become a make-or-break point for the LINK token.
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Chainlink (LINK) Price Action and Technical Analysis
According to TimesCrypto’s technical analysis, LINK is currently in a downtrend but is holding at a key support level of $16.50.
On the daily chart, the asset appears to have been taking support from this level over the past three months. However, while previous visits to this level led to price reversals, this time sentiment has shifted, making it challenging for the asset to repeat its historical pattern.
Based on the current price action, if LINK continues its downward momentum and closes a daily candle below the $16.40 level, it could open the door for a further decline, potentially resulting in a price drop of over 48% to around the $8.70 level.
On the other hand, if LINK holds and sustains above the $16.40 level, it could repeat its historical pattern with a potential price reversal and may climb again.
At press, LINK’s Average Directional Index (ADX) value stands at 37.27 (above the key threshold of 25), indicating strong directional momentum. Whereas, its Chaikin Money Flow (CMF) stands at -0.06, indicating rising selling pressure and a lack of fresh buying interest in the market.
LINK Long/Short Ratio
Looking at the current market sentiment, it appears that traders with an interest in short positions are currently dominating, as revealed by the derivatives tool Coinglass.
According to Coinglass, LINK’s long/short ratio currently stands at 0.9095 — the lowest since the beginning of October 2025 — indicating a strong bearish sentiment among traders.
The tool further reveals that 47.63% of traders are betting on long positions, while 52.37% are betting on short positions.
