Whale Drama: 4M LINK Floods Market, Price Takes a Dive! 🐋💔

by

So, picture this: a massive whale sell-off, and no, I’m not talking about the kind you see at SeaWorld. We’re talking over 4 million LINK splashing into the market like it’s a pool party gone wrong, sending the price plummeting to a mere $19. 🏊‍♀️💸

Our crypto oracle, Ali Martinez, took to X (because who needs Twitter anymore?) to share this shocking revelation. Apparently, those big fish—sorry, I mean whales—who hoard between 1 million and 10 million Chainlink (LINK) decided to have a little spring cleaning starting February 2, 2025. Who knew whales were such neat freaks? 🐳✨

Whales have offloaded 4.13 million #Chainlink $LINK in the last 48 hours!

— Ali (@ali_charts) February 5, 2025

Now, thanks to this aquatic exodus, LINK’s price has taken a nosedive from over $21 to around $19. It’s like watching your favorite reality show get canceled—utterly tragic! And just when you thought it couldn’t get worse, remember that similar whale drama happened in late January, where the price dropped from about $26 to $22. Talk about a rollercoaster ride! 🎢

But wait, there’s more! No major scandals or bad news about Chainlink have surfaced, so this sell-off is likely just whales cashing in on their profits. After all, LINK was strutting its stuff above $25, according to CoinGecko. And let’s not forget the broader crypto market is feeling a bit jittery thanks to President Trump’s new tariffs on imports from Mexico, Canada, and China. It’s like a game of Jenga, and everyone’s pulling out the risky blocks! 🏗️😱

On the technical side of things, our crypto sage, Nebraskangooner, shared his wisdom with 375K followers on X. He warned that LINK is currently in a consolidation phase, which sounds fancy but really just means it’s stuck in a rut. If it breaks below key support, we could be looking at a price drop to $12.00. Yikes! But if it breaks above resistance, we might just see some new local highs. “I’d rather wait for a consolidation break than get lost in the chop inside,” he quipped. Wise words, my friend! 🧙‍♂️📉

$LINK (per request)

Pretty straight forward consolidation when zoomed out.

Break down from this support would likely see $12.00 or lower.

Break above and new local highs.

Would rather wait for a consolidation break than get lost in the chop inside

— Nebraskangooner (@Nebraskangooner) February 4, 2025

Read More

2025-02-05 11:18