LINK Faces Pressure as $2.3M Whale Transfer Sparks Selling Fears

• A $2.3M whale transfer to Coinbase raises fresh selling concerns for Chainlink.
• LINK spot outflows reached $8.35M, outweighing the whale deposit and supporting broader demand.
• $10.693 remains crucial, with a break potentially exposing LINK to $9.537 support.

Chainlink — LINK, now faces a crucial test after a major whale transfer. A large holder moved $2.3 million worth of LINK to Coinbase. The deposit arrived as LINK pulled back from recent highs. The token had gained more than 22% within seven days. However, selling pressure has started challenging the recovery. Spot outflows still offer support, while falling leverage adds another layer. Traders now watch $10.693 for clues about LINK's next move.

Whale Deposit Raises Fresh Selling Concerns

A Chainlink whale recently transferred 198,300 LINK to Coinbase. The tokens carried an estimated value of $2.3 million. The whale previously acquired the tokens through Cumberland. Moving such a large amount onto an exchange can raise selling concerns. Traders often monitor exchange deposits for signs of potential profit-taking.

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