- Whale transferred 984,550 LINK worth $9.23 million to Coinbase, raising fresh selling concerns.
- LINK struggled below $9.50 after reaching $9.60, despite strong gains across multiple timeframes.
- Derivatives liquidations reached $162,110, with short positions accounting for most 24-hour liquidations.
Chainlink — LINK, faced fresh selling pressure after a major whale moved 984,550 LINK. The transfer sent roughly $9.23 million worth of LINK to Coinbase. The move followed a month of heavy accumulation from the same wallet. LINK had also gained strongly across the past several weeks. Now, traders face a key question about whether selling could extend. The whale transfer adds another concern as LINK approaches nearby resistance levels.
Chainlink Price Struggles Near $9.40
Chainlink traded near $9.35 after the large Coinbase transfer. The token moved within a daily range between $9.30 and $9.62. Earlier, LINK approached $9.60 before sellers erased the intraday gains. Selling pressure increased after LINK lost the $9.50 level. Buyers then tried to defend the $9.40 to $9.45 zone. However, those attempts failed to produce a meaningful recovery. The recent weakness follows a strong recovery across several timeframes.
LINK gained 12.6% during the past seven days. The token also climbed 13% over the previous 14 days. Over 30 days, Chainlink recorded a 15.3% increase. Therefore, the latest pullback comes after a notable recovery. Traders may now watch whether buyers can protect nearby support. A sustained move below $9.40 could weaken the short-term setup. Conversely, reclaiming $9.50 could restore some bullish momentum.
A move above $9.60 would give buyers another important technical signal. The whale transfer adds another layer to the current market structure. Large deposits to exchanges can increase concerns about potential selling. However, a transfer alone does not confirm an immediate sale. The whale accumulated LINK through withdrawals from Binance during the past month. The wallet withdrew approximately 2.41 million LINK during that period. The average withdrawal price stood near $8.40.
LINK Liquidations Reveal Mixed Derivatives Pressure
Chainlink derivatives also showed activity across both long and short positions. Total LINK liquidations reached $162,110 over 24 hours. Short positions accounted for $91,490 of those liquidations. Long positions contributed the remaining $70,620 during the same period. The four-hour data showed a different picture.
Total liquidations reached approximately $8,150 during that window. Long positions accounted for roughly $8,080 of the total. Short liquidations remained minimal at only $66.35. That imbalance suggests leveraged buyers faced most recent pressure. The 12-hour figures offered a more balanced picture. Total liquidations reached approximately $40,410. Long positions contributed $19,420 of that amount.
Short positions accounted for $20,990 during the same period. Therefore, derivatives positioning remains mixed despite the whale transfer. For LINK bulls, holding the $9.40 area could become increasingly important. A stronger defense could help buyers challenge $9.50 again. Losing that support could expose LINK to deeper short-term weakness.
