- Chainlink faces heavy sell-offs, with support between $14.27 and $16.65 crucial for recovery.
- Whale activity increases, adding pressure, but a rebound may follow at key support levels.
- Technical indicators suggest oversold conditions, hinting at a possible price reversal soon.
Chainlink—LINK, took a heavy hit last month, crashing 26.80%. The past 24 hours made things worse, with losses reaching 61.2%. Whales keep selling, adding to the pressure. Market indicators suggest more downside before a turnaround. A crucial demand zone sits between $14.27 and $16.65. If buyers step in, momentum could shift. A strong rebound may follow.
https://x.com/Chching_/status/1888207677567762834
Buyers Are Preparing for a Comeback at $14.27
Chainlink is struggling to break through resistance near $23.78. The In/Out of Money Around Price (IOMAP) metric shows 110.43 million LINK sell orders at this level. A breakout needs serious buying power. Support between $14.27 and $16.65 offers hope. Data shows 152 million LINK buy orders stacked in this zone. If demand strengthens, buyers could turn the tide. A surge from this level may trigger a recovery.
Whales and Indicators Signal the Next Move
Large holders control the market’s pace. The Holders Netflow to Exchange Netflow metric shows a 30.26% rise in whale-driven activity. If prices drop to $14.27, whales may switch sides, fueling a rally. Technical indicators hint at a possible reversal.
Fibonacci levels place the next support at $14.52, aligning with IOMAP data. The Relative Strength Index (RSI) stands at 34.16, nearing oversold territory. A drop below 30 could trigger a rebound. For now, bulls and bears are battling for control.
So, buyers must step in fast to push the price of LINK higher. If demand grows, prices could climb toward resistance. If selling continues, deeper losses may follow. The next few days will decide the outcome.
