A Chainlink whale sent shockwaves across the crypto market on Thursday, selling massive amounts despite a price relief. On-chain data indicated that 356,665 coins were sold recently, a converse action to the current market cool-down. In response, traders and investors speculate whether it is possible for LINK price to hit $45 ahead, as the coin is already up 2% in the past 24 hours despite the selloff.
Chainlink Whale Selloff: 356K Token Dump Ignites Caution
According to an X post by Onchain Lens on March 13, a Chainlink whale sold 356,665 coins for $4.59 million USDC at an average price of $12.88. Per the data, the whale address ‘0xc6f7f’ was recorded as making the selloff transaction.
For context, colossal selloffs by whales signal a loss of confidence in an asset’s potential for gains. In turn, traders and investors reckon a poor market performance ahead.
Besides, it’s also noteworthy that the sell order may be due to a panic-selling sentiment prevailing across the market at present. Traders and investors reflect a cautious approach to risk assets amid severe macro heat.
Nevertheless, the Chainlink whale still holds 7,693 LINK tokens, worth $101,533. The undermined existing holding indicates that the trader may not be confident about gains ahead but still hopes for a best-case scenario wherein the price recovers from the broader volatility.
Crypto Market Today
However, the crypto market appears to be easing pressure as the latest U.S. CPI data revealed cooling inflation. In turn, BTC and major-league altcoins prevented further downside price risk today. Simultaneously, LINK price also eased up, witnessing slight intraday gains and reflecting resilience.
Yet, market participants remain uncertain over future movements as the selloff indicates a dip while broader developments could conversely uplift the market sentiment.
LINK Price Soars Despite Whale Selloff
As of press time, LINK price witnessed gains worth 2% intraday and closed at $13.15. It bottomed and peaked at $12.82 and $13.77 over the past day. The coin is currently rising in sync with today’s broader crypto market trend.
Top Analyst Weighs Bullish Remarks On Chainlink
Simultaneously, renowned market analyst ‘Bitcoin Buddha’ took to X, projecting bullishness over future movements despite the massive selloff. As per the analyst’s post and price chart, Chainlink “seems to be recovering after testing support near $12.” This paves the way for further gains and thus, a new ATH if recovery sustains, per the analyst.
On the other hand, a LINK price prediction by CoinGape revealed that the technical chart on the token’s weekly time frame shows a bullish engulfing pattern. This formation suggests a strong momentum that favors buyers. Overall, the abovementioned dynamics indicated that the coin could pump ahead despite the massive selloff.
On the other hand, another report revealed that a $45 price target remains possible as long as Chainlink holds a key support zone between $6 and $9. Crypto market traders and investors continue to thoroughly monitor the token amid broader trends impacting the market.
The post Chainlink Whale Sells 356K Coins Sparking Concerns; Can LINK Price Hit $45? appeared first on CoinGape.
CoinGape – Read More