Chainlink’s price encounters strong selling pressure today, dropping 5.7% amid a general market correction. After being rejected at the $30 level, LINK has seen a 27% correction, testing significant support levels at $22. However, LINK whales are accumulating during each price dip, highlighting optimism among long-term investors.
Future Movements of Chainlink Price
Currently, Chainlink 
$8 trades at $21.36, reflecting a 5.7% decrease in the past 24 hours, with a market capitalization of $13.63 billion. According to Coinglass data, LINK’s open positions decreased by 12% to $551 million. Moreover, liquidations in the last 24 hours rose to $3.02 million, with $2.83 million coming from long positions.
Solberg Invest indicates a potential head-and-shoulders pattern forming in the Chainlink chart, suggesting further price declines may occur. If the price breaks below the pattern’s neckline, a target of $16.6 is anticipated, with a worst-case scenario predicting a drop to $12.5.
Increase in LINK Whale Accumulation
Santiment reports that while Chainlink experienced a significant pullback in the second half of December, active whales holding between 1 million and 10 million LINK have taken advantage of the lows. According to Santiment data, these influential holders added approximately 3.58 million LINK valued at $76.9 million over the last three days.
CryptoQuant notes a shift in market dynamics as large investors withdraw their assets from exchanges, reducing exchange reserves to 161.5 million LINK. The active accumulation by Chainlink whales indicates that LINK could provide long-term support.
The interest of whales in market movements may significantly impact the future trajectory of LINK’s price. This situation suggests that although Chainlink may face short-term challenges, it possesses strong recovery potential in the long run. For LINK investors, closely monitoring market dynamics and whale movements could be beneficial.
