Chainlink (LINK) price forecast: whales’ massive sell-offs ignite market concerns

Cryptocurrencies displayed mixed performance today.

Bitcoin plunged below $98K, whereas alts MELANIA and FTT soared more than 16% over the past day.

Meanwhile, Chainlink attracted investor attention as whales’ move to dump LINK massively triggered worries about the crypto’s future performance.

Crypto analyst Ali Martinez highlighted that large-scale investors dumped over 4 million LINK assets within the past two days.

Whales are crucial as they often determine the token’s moves in the marketplace, and their moves can catalyse a ripple effect in the crypto landscape.

Notably, the significant dump by whales comes as LINK lost over 15% over the past week.

Dip-pocketed investors likely lack the conviction of swift rebounds after the weekly slump.

Massive whale dumps to cryptocurrency exchanges display dwindled trust about the asset’s near-term potential.

Furthermore, the heavy sell-offs happen as the broad crypto market remains downbeat.

The crypto fear and greed index has slumped continuously over the past month, currently reading 38.

Crypto players often refrain from purchasing and resort to selling as fear grapples with the market.

Chainlink’s price performance

LINK traded at $19.77 with a nearly 1% gain on its daily price chart.

Chart by Coinmarketcap

Despite the mild 24-hour surges, the substantial decline in daily trading volume signals fading investor and trader interest.

Chainlink appears poised to revisit the support barrier at $18.

Failure to steady above this region might catalyze extended losses toward the $15 vicinity.

Meanwhile, improved sentiments at current levels could trigger rebounds past $20 to the $22 resistance.

Overcoming this obstacle might catalyze an 18% surge from LINK’s current price to $24.

However, broad market performance remains crucial in determining Chainlink’s trajectory.

Crypto market today: BTC unmoved by AI & crypto czar’s crypto conference

The cryptocurrency sector plunged after David Sacks’ much-awaited pro-crypto conference on Tuesday.

Enthusiasts expected massive bullish catalysts as the event centered around the US government’s approach to crypto.

BTC-USD hovered above $105K before the crypto and AI czar’s conference.

Meanwhile, the absence of groundbreaking announcements or policy changes triggered sell-offs.

Investors anticipated definitive moves, such as a Bitcoin reserve confirmation or significant tax changes favoring cryptocurrencies.

Conversely, Sacks emphasized that the recently introduced sovereign wealth fund isn’t related to the BTC reserve.

That diminished the hopes of direct institutional allocations into Bitcoin.

Also, while officials highlighted plans to explore Bitcoin Strategic Reserve’s viability, experts perceived the narrative as a political bombast and not a firm promise.

Bitcoin hovers between the resistance at $108K and $92K support on the chart amid the prevailing macroeconomic fears.

BTC trades at $97,720 after a 0.35% dip in the past day. Overcoming $108 could extend to the $110K – $115K range.

However, losing $92K might welcome declines toward the support barrier at $85K – $87K.

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