Chainlink Plummets 16%: LINK Whales Dump $8.17M - Will $20 Support Hold?

Chainlink takes a brutal hit as major holders unleash a selling spree that rattles the entire DeFi ecosystem.

The Great Whale Exodus

LINK's price tanks 16% in a single move—whales dump over $8 million worth of tokens in what looks like coordinated profit-taking. The $20 support level now becomes the battleground for bulls and bears.

Market Psychology at Breaking Point

Traders watch the order books with white knuckles as liquidations stack up. The sudden sell-off exposes how vulnerable even blue-chip altcoins remain to concentrated selling pressure—a reminder that in crypto, 'decentralized' doesn't mean immune to whale manipulation.

Technical Outlook: Blood in the Water

Technical analysts scramble to update charts as key support levels get tested. The $20 zone represents more than just a number—it's the psychological line in the sand that could determine whether this is a healthy correction or the start of something uglier.

Meanwhile, traditional finance bros sip their lattes and whisper 'I told you so'—because nothing makes Wall Street happier than watching crypto eat its own tail during a downturn.

Key Takeaways

Why is LINK under pressure this week?

Whales and retail investors are aggressively selling, driving LINK down 16.68% to $20.4 and intensifying downward momentum.

What price levels should traders watch for LINK’s next move?

 LINK faces key support at $20, with a potential drop toward $18.70 if selling continues, while a daily close above $22.2 could signal a bullish reversal.

Since hitting $25 a week ago, chainlink [LINK] has traded within a descending channel, touching a low of $19. 

At press time, Chainlink was trading at $20.4, representing a 16.68% decline over the past week. 

Amid this market drawdown, investors, especially whales, are panic-exiting their positions. 

Whales are aggressively dumping Chainlink 

Interestingly, as Chainlink continued to drop, investors, including both whales and retail traders, began panic-selling. 

In fact, Chainlink’s spot market has been dominated by Sellers over the past week, as evidenced by Spot taker CVD. At press time, this metric was in red, indicating seller dominance. 

Source: Cryptoquant

Amid this rising selling activity, Onchain Lens uncovered two such transactions from whales.

According to the on-chain monitor, a whale sold 233,094 LINK tokens for $4.85 million and then deposited 10k tokens into OKX. 

Shortly after, another whale followed suit and sold 163,990 LINK tokens worth $3.32 million. In total, these two whales offloaded $8.17 million worth of LINK. 

Typically, when whales turn to selling during a downtrend, it’s either to lock in gains or avoid further losses, a clear sign of warning market confidence. 

Retail also follows suit 

Notably, with large entities exiting, Chainlink’s small-scale investors have also substantially reduced their exposure. 

According to Coinalyze, Chainlink recorded negative Buy Sell Delta for three consecutive days, which have coincided with price drops. 

Source: Coinalyze

In fact, the altcoin saw $6.3 million in Sell Volume compared to $4.8 million in Buy volume over the past day, as of writing. As a result, it has recorded a negative Buy-Sell Delta of $1.5 million, a clear sign of aggressive spot selling. 

Furthermore, exchange activities further echoed this market trend. 

According to CryptoQuant data, Chainlink has recorded positive Exchange FLOW for three consecutive days. Netflow was 823.7k, indicating higher inflows, a clear sign of intense selling activity. 

Source: CryptoQuant

Historically, when selling pressure dominates the market, an asset faces intense downward pressure, resulting in lower prices. 

Can LINK hold $20 support?

According to AMBCrypto’s analysis, Chainlink has declined consistently as selling pressure from whales and retail mounts. 

As a result, the altcoin’s positive Directional Movement Index (DMI) fell to 13, while its negative index jumped to 21, at press time.

At the same time, its Relative Vigor Index (RVGI) dropped to -0.24, confirming strengthening downward momentum. 

Source: TradingView

Therefore, if sellers continue to dominate, LINK will most likely breach $20 and seek support around $1870. 

Conversely, for a bullish reversal, LINK needs to hold above $20 and make a clear daily close around $22.2. This will strengthen the altcoin, targeting its next significant resistance at $24.49.