Crypto Whales are worried about a price collapse. They have sold over 170 millions in Chainlink. LINK’s price has fallen 18% over the last thirty days. Selling pressure is increasing around the altcoin. The coin is added to the PayPal payment serviceLINK is still experiencing a negative momentum, which has some worried that it will be able to continue its downward trend.
After weeks with volatility and downward moves, the bulls are still struggling to regain their control. LINK is failing to breach key resistance. On-chain data shows that LINK has not broken above key resistance levels. SantimentIn the last 3 weeks, whales had sold 170,000,000 LINK. The activity of whales around an asset can be used to predict the price movements for cryptocurrencies. The large outflow of cryptocurrency from major holders fuels speculation about a further decline.
Chainlink has dropped 17% in value since the 26th of March. The trading volume of Chainlink in the past 48 hours has also dropped by over 20%. Smaller investors are now holding the coin instead of purchasing it. Many traders are hesitant to invest again until they see clearer signs of a bullish market. Crypto market is being affected by the uncertain US economy, amid new tariffs as well as a market crash. Bitcoin has taken a big hit as well, with the price of bitcoin settling at around $83,000 in this last week, and having not broken $90,000.
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While investors remain uncertain about the future price of Chainlink LINK, others are optimistic. CoinCodex suggests that LINK may be at the start of a bullish phase. According to the platform, the asset is expected to reach $22,48 on 10 May. If it reaches the target of $22.48, LINK will see its price rise by approximately 75.63%. CoinCodex believes that Chainlink (LINK) will not hold its price above $20, despite the bullish outlook. Platform expects the price to drop by around $11.38 in late May.
CoinCodex has also predicted that LINK could not rise as much. Trade wars, macroeconomic conditions and other factors continue to pose significant challenges. In the next few weeks, it’s possible that crypto will be in a tough spot. If the Fed cuts interest rates, things could change. Last month, the central bank announced a pause in rate increases but it has not yet made an announcement about a cut this year.
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Source: watcher.guru
