Whales Offload Over 4 Million LINK Tokens, Price Drops to $19
A significant sell-off by large holders has led to a drop in the price of LINK, falling from over $21 to $19 after more than 4 million tokens were sold. This event, noted by crypto analyst Ali Martinez, mirrors a previous decline in January when a similar sell-off occurred.
Key points include:
- Whales holding between 1 million and 10 million LINK reduced their positions by 4.13 million tokens starting February 2, 2025.
- Market sentiment is cautious due to this whale movement, which often indicates a lack of confidence in short-term potential.
- The broader crypto market faces volatility due to economic uncertainty and recent tariffs announced by US President Donald Trump.
- Investors are weighing whether this dip presents a buying opportunity or a warning sign.
- Despite the sell-off, on-chain data shows some large investors accumulating LINK below $20.
Concerns remain about key support levels for LINK. If it breaks below $12, further declines may follow, while a breakout above current resistance could lead to new highs. As of now, the price is facing pressure amid external economic factors that historically push investors toward safer assets.