Chainlink Price Drops 29% as Whale Transactions Fall 78%
Chainlink (#LINK) has faced a significant price decline, dropping over 29% since early December 2024, currently trading at approximately $19.22. Key points include:
- Fully diluted valuation around $19.2 billion
- 24-hour average trading volume near $605 million
- Lower highs and lows indicate a bearish market trend
- Price correlation with Bitcoin stands at 0.97, suggesting LINK may follow Bitcoin's correction
- Potential to retest macro-rising logarithmic trendline, forecasting a further 30% drop before potential recovery
Market Activity
Whale transactions have decreased by 78% since November, with the number of transactions over $100k dropping from 298 to 66 in the past week. Currently, 67% of LINK supply is held by large holders, impacting bullish sentiment.
Fundamental Developments
Despite recent price challenges, Chainlink's development remains strong, including:
- Expansion across multiple blockchains, such as Astar Network and Arbitrum (ARB)
- 22 new integrations added to core services recently
- Leading position in real-world asset (RWA) tokenization
59% of LINK holders are in profit, while 35% face losses, indicating mixed market sentiment amid fundamental growth.