Chainlink Bulls Under Siege: Can They Withstand the Rising Selling Pressure?

Chainlink''s bullish momentum faces its toughest test yet as selling pressure mounts. Will LINK holders buckle—or dig in for the long haul?

The oracle giant''s token has been a darling of crypto''s infrastructure plays, but even blue-chips aren''t immune to profit-taking. On-chain data shows whales moving coins to exchanges, while derivatives traders pile into protective puts.

Key levels to watch: The $15 psychological support held last week, but another wave of sell orders could trigger stop-loss cascades. Meanwhile, perpetual swap funding rates remain positive—suggesting leveraged longs haven''t thrown in the towel.

Market makers report unusual demand for downside protection through June options. ''Everyone''s hedging, nobody''s exiting,'' quips one OTC desk trader, between sips of overpriced cold brew.

Truth is, Chainlink''s fundamentals haven''t changed: Its oracle networks still secure billions across DeFi. But in crypto-land, sometimes ''fundamentals'' just means ''excuses to ignore the chart.''

Source: LINK/USDT on TradingView

At the time of writing, Chainlink offered a good buying opportunity with a clearly defined exit. The mid-range support at $13.2 is expected to serve as support. The OBV showed seller dominance and the RSI was bearish.

Hence, though there’s a chance of a rally from the mid-range support, traders should be prepared for a price drop below $12.64.

A Bitcoin recovery could again shift LINK’s market sentiment.

Chainlink bulls will be hard-pressed to drive a rally

Source: IntoTheBlock

LINK’s In/Out of the Money showed that the $13.6-$13.9 was a relatively large supply zone nearby. A rally from the $13 support WOULD need significant demand to boost the price beyond $14-$14.4, another supply zone.

But this did not appear likely, based on the weak price action of June. The chart supported the idea that the price might drop to $12.1, or even as DEEP as the range low at $10.8.

Source: IntoTheBlock

The exchange netflows data showed some accumulation over the past week. The figure of -261k LINK meant an outflow worth $3.44 million. Outflow from exchanges was a good sign as it showed accumulation.

The netflows in June have been positive for the most past, with some accumulation over the past five days. The 30-day change showed nearly 79k LINK worth $1.04 million moving into exchanges.

Overall, the price action and the IntoTheBlock data favored a bearish MOVE over the coming days. Traders can use a drop below $12.64 and a subsequent retest of $13 as resistance to look to enter short positions.