2.23 Million Chainlink Moved To Exchanges In Two Weeks – Selling Pressure Incoming?
ChainLink (Link) faces a lot of volatility and uncertainty, and over the past few days the price has been similar to a roller coaster. After trading around $17, Link fell to $13 and then rebounded back to $16, both within less than three days. This extreme price movement reflects instability in the wider market as traders have difficulty navigating between bullish excitement and imminent risks.
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The crypto market remains highly reactive, with investors balancing the hype of President Trump’s U.S. strategic crypto reserve announcement, with continued macroeconomic uncertainty about emotions. While the potential for crypto adoption increases optimism, concerns over inflation, interest rates and regulatory pressures put many traders at an advantage.
Chain data from Santiment shows that 2.23 million links have been transferred to communications over the past two weeks, indicating that sales pressure may be increasing. This shift in supply raises questions about whether large holders are ready to uninstall links or just repositioning before major actions.
As Volatility is still hightraders are watching whether Chainlink can maintain key support levels or break into new highs in the coming weeks. Links and the next move for the broader market is crucial to identifying its short-term direction.
Chain link struggle is below key level
Chainlink currently trades below key resistance levels, and the Bulls struggle to reclaim lost ground. Breakthroughs beyond these key levels may trigger rally, but until then, uncertainty remains high. A wider market sentiment is mixed together, with analysts and investors worried that Link may continue to decline if it loses support and is below the range low.
The metrics indicate that a potential allocation phase is coming, which raises concerns that large holders may be ready to uninstall links. Top analyst Ali Martinez On-chain data shared on xreveals that 2.23 million links have been transferred to the communication in the past two weeks. Historically, this type of activity was preceded by sales pressure, as large players often transferred assets to exchanges intended for sale. If sales accelerate, the link may see deeper corrections, further delaying any bullish momentum.
However, this trend may not result in a comprehensive distribution phase. Some analysts believe that whales may be repositioning or preparing for major actions rather than selling them thoroughly. If the link can stay above critical support levels and restore resistance, it may go against expectations and start a new upward trend.
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Chainlink is still at a critical moment, and its price action depends on whether the Bulls can absorb sales pressure and restore control. The following days will determine whether the link breaks beyond its scope or whether it will be further lower in response to the link movement.
Link trading below key resistance
ChainLink is currently trading below $16.6, hovering around the 200-day moving average (MA). This level is crucial for bulls to recycle to show long-term strength and turn movement force to their advantage. The decisive push above the area will indicate that the link is restoring traction, potentially laying the foundation for further upside.
However, in the short term, the main focus remains to hold the above $15 level. This support has been a key demand zone and maintaining it in the coming days is crucial to prevent further downward pressure. If Link stays above $15, buyers can build momentum and try to break through the next major resistance at $17.9, which is consistent with the 200-day exponential moving average average (EMA).
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A successful push of more than $17.9 will enhance bullish sentiment and increase the chances of links recouping higher price levels. However, not holding $15 may cause the link to be linked to the updated sales pressure, delaying any potential recovery rates. Currently, traders are paying attention to whether links can hold support and restore critical moving averages, which will determine their next major move in the market.
Featured images from DALL-E, charts from TradingView
