Chainlink Whales Sell Over 170 Million LINK Amid Market Uncertainty

Chainlink Faces Selling Pressure Amid Market Uncertainty

Chainlink (LINK) is currently trading at $13.1, struggling to regain momentum after a decline of 17% since March 26. Key points include:

LINK has failed to break above the $15 resistance level.
The price action is stabilizing, but consolidation may indicate potential recovery.
Whales have sold over 170 million LINK in the past three weeks, indicating bearish sentiment.
To initiate a recovery, LINK must hold above current support and break above key moving averages around $17.2.
A failure to maintain the $13 level could lead to further declines, potentially down to $10.
Continued development and adoption in the DeFi space provide long-term growth prospects for Chainlink.

Market participants remain cautious as LINK balances between the risk of further losses and the opportunity for a rebound.