A massive Chainlink (LINK) whale transaction sent ripples through the crypto market on Thursday, raising concerns about the asset’s short-term trajectory. Despite an ongoing market cool-down, on-chain data revealed that a whale offloaded 356,665 LINK tokens, valued at approximately $4.59 million USDC, at an average price of $12.88. The unexpected selloff has led investors to question whether LINK can sustain its gains and potentially rally to $45.
Whale Dump Triggers Caution Amid Market Recovery
According to an X post by Onchain Lens, the whale address ‘0xc6f7f’ executed the significant selloff, sparking debate over whether this move signals waning confidence in LINK’s price potential. Historically, large-scale sell orders from whales have been interpreted as bearish signals, often preceding market downturns.
In the past 48 hours, a whale has sold 356,665 $LINK for $4.59M $USDC at an average price of $12.88.
— Onchain Lens (@OnchainLens) March 13, 2025
Currently, the wallet holds 7,693 $LINK worth $101,533.
Address: 0xc6f7fc2735ef7eb0db201dd103f2f2e6cbcfe187 pic.twitter.com/dlIAJPy7TL
However, the whale in question still holds 7,693 LINK tokens, worth approximately $101,533. While the decision to retain a small portion of their holdings suggests a degree of optimism, the selloff’s magnitude reflects a cautious approach amid broader market uncertainty. Some analysts attribute the move to prevailing macroeconomic concerns, with traders taking a risk-off approach in response to volatile market conditions.
Crypto Market Stabilizes After CPI Data Release
Despite the whale’s selloff, the broader crypto market showed resilience, buoyed by the latest U.S. Consumer Price Index (CPI) data, which signaled easing inflation. Bitcoin (BTC) and major altcoins prevented further downside risks, with LINK following suit by posting a 2% intraday gain. As of press time, LINK was trading at $13.15, having fluctuated between $12.82 and $13.77 over the past 24 hours.
Analysts Remain Bullish on LINK’s Future Prospects
Prominent market analyst ‘Bitcoin Buddha’ remains optimistic about Chainlink’s future, citing its ability to recover after testing support near $12. Additionally, CoinGape’s technical analysis highlights a bullish engulfing pattern on LINK’s weekly chart, indicating strong buyer momentum.
Further projections suggest that if LINK maintains its key support range between $6 and $9, the path to a $45 price target remains viable. As traders closely monitor market conditions, Chainlink’s resilience and broader crypto trends will determine its trajectory in the coming weeks.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
Also Read: Chainlink (LINK) Price Drops 11% – Will the $12 Support Hold or Collapse?
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