Whale Offloads Millions: Can LINK Bounce Back from Current Weakness?

Chainlink’s daily chart shows that the price often bounces off a long-term upward trendline, with buyers actively supporting the $14 level.

LINK held on exchanges has dropped to 132 million tokens, showing many are moving their coins to long-term storage or staking.

A large investor sold $UNI, $LINK, $PENDLE, $AAVE, and $AERO, losing $4 million in total, creating extra selling pressure in the market.

Chainlink (LINK) is trading at $14.14, falling 10.1% in the past 24 hours with $1.19 billion in trading volume. The drop comes after testing a long-term support line and a whale selling millions of tokens.

LINK Approaches Long-Term Support Trendline

Chainlink’s daily chart displays a long-term rising trendline tested multiple times over the last year and a half, with the price bouncing each time, showing consistent buying interest.

Currently, LINK hovers just above the $14 zone, where buyers appear to defend the trendline. A clean bounce could preserve the bullish structure, while a breakdown may signal deeper retracement toward $10–$12.

Source: Tweet on X

Historical patterns show that repeated touches of the trendline act as a dynamic support level. Traders monitor this area for potential trend continuation or reversal signals.

Exchange Reserve Levels Show Shrinking Supply

LINK’s exchange reserves have declined to roughly 132 million tokens, the lowest level in the observed timeframe. This decline represents a continuous movement of tokens from exchanges to long-term storage or staking.

Despite the falling supply, LINK’s price has trended lower through 2025, moving from high-$20s toward $14. The disconnect between supply reduction and price movement has created a unique market dynamic.

Recent reserve collapses indicate a possible scarcity of tokens on exchanges. Without immediate demand increases, short-term price pressure could persist despite reduced sell-side availability.

Short-Term Weakness and Whale Activity

On the 4-hour chart, LINK has short-term downward pressure, falling from the mid-$15 range to about $14 on high volume. Indicators show the price could drop further if support does not hold.

Chartered analyst Ali Charts noted the descending sequence since November 10, forming lower highs and a weak recovery attempt near $13.90. Sellers currently maintain control of short-term price action. Popular market enthusiasts Ted reported that a whale sold $UNI, $LINK, $PENDLE, $AAVE, and $AERO at a total loss of $4,000,000 over three days. This activity reflects additional selling pressure that may influence market sentiment.

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