Chainlink Faces Selling Pressure Amid Exchange Inflows
Key Takeaways
Chainlink (LINK) has experienced increased selling activity in recent days. Within 24 hours, 610,000 LINK tokens were transferred to crypto exchanges, indicating rising selling pressure. This development significantly impacts price movements and market sentiment.
Rising Selling Pressure Due to High Exchange Inflows
Between November 17, 2024, and February 26, 2025, there were significant movements of LINK tokens to crypto exchanges. During this period, aggregated exchanges managed 562,400 LINK, with net inflows increasing by 481,630 LINK in the last 24 hours. A seven-day analysis showed an increase of 915,310 LINK, while the 30-day net inflow rose by 605,240 LINK.
High exchange inflows are often an indicator of impending price declines, as they suggest increased selling willingness. The current trend indicates that selling pressure persists, which could further weigh on the LINK price in the short term.
Volatile Price Movements and Resistance Levels
Since October 2024, LINK has shown significant volatility. After peaking in mid-December 2024, a downward movement began, characterized by strong resistance levels.
Recently, a so-called Dragonfly Doji pattern emerged, indicating market uncertainty. A sustained breakout above the $16 resistance level would be crucial for a trend reversal. The recent sell-offs resemble a similar situation in January 2025, when high selling volumes led to a significant price decline.
Market Sentiment and Investor Positions
On February 26, 2025, an analysis of holder positions showed that 58.61% of LINK holders were in profit, with an average purchase price of $9.84. At the same time, 27.08% of investors were holding their tokens at a loss, with an average purchase price of $14.31. The remaining 14.31% were at breakeven, with an average price of $18.18.
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With the current LINK price at $15.23, many investors may be tempted to sell their holdings to minimize losses. This could further increase selling pressure and push the price down further.
Market Uncertainty Due to High Volatility
A 30-day volatility analysis shows strong fluctuations. On February 5, 2025, volatility peaked at 104.82% before falling to 78.66% on February 20. On February 26, it stood at 87.01%.
The recent large movements of LINK tokens on exchanges have contributed to increased uncertainty. Similar patterns in the past have often led to further price declines. If market sentiment does not stabilize, LINK remains vulnerable to further fluctuations.
Our Assessment
The current developments in Chainlink suggest a continued downward trend. High exchange inflows, increasing selling pressure, and a volatile market environment point to short-term risks. However, a sustained breakout above key resistance levels could initiate a trend reversal. Investors should closely monitor market movements and consider potential price developments.
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