Chainlink Price Faces Risk as Whale Transfers 984K LINK to Coinbase
Key Insights:
- Chainlink price in focus as a holder moved 984.55K tokens to the Coinbase exchange.
- Bullish forecasts could support LINK Price despite rising distribution concerns.
- Nearly $9.23M in LINK entering Coinbase raises the risk of short-term selling.
Chainlink price traded near $9.35 as a major holder moved 984,550 LINK, worth about $9.23 million, to Coinbase. The transaction came after the whale withdrew roughly 2.41 million LINK at an average price of around $8.40 over the previous month.
Chainlink traded close to the lower end of its $9.30 to $9.62 daily range. Earlier, LINK price approached $9.60 before sellers erased the intraday advance.
Notably, selling pressure increased after LINK lost the $9.50 area. Attempts to rebound near $9.40-$9.45 also failed to gain traction.
LINK price increased 12.6% over seven days and 13% over 14 days. Additionally, the token recorded a 15.3% increase over 30 days.
The current decline, therefore, follows a multi-week recovery in LINK. Meanwhile, activity from a large holder introduced additional selling-related flows during the session.
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