- Chainlink presents us with two delightful scenarios β a charming leap of 15% or a rather unfortunate tumble of 18%.
- Traders, in their infinite wisdom, find themselves over-leveraged at $13.35 on the lower side and at $13.81 on the upper side. How very daring! π
After enduring four consecutive days of disheartening losses, our dear Chainlink [LINK] has now arrived at a pivotal juncture, a veritable make-or-break moment for this asset.
In the midst of this downward spiral, investors and traders, with a glimmer of renewed interest, are accumulating tokens, perhaps in the hope of a splendid reversal. How optimistic! π
A Whopping 1.78 Million LINK Moves from BitGet
On this fine day, the 31st of May, the blockchain-based transaction tracker Whale Alert, in a most dramatic fashion, announced that 1,788,188 LINK tokens, valued at a staggering $25.53 million, were transferred from BitGet to an unknown wallet. A mystery worthy of a novel! π
This substantial transfer, one might say, is typically associated with the elusive whales, hinting at potential accumulation as the price continues its descent.
Moreover, exchanges have been experiencing a delightful outflow of LINK, as reported by the ever-watchful on-chain analytics firm CoinGlass.
Data from the Spot Inflow/Outflow reveals that over the past 48 hours, exchanges have recorded a significant outflow of over $4.49 million worth of LINK tokens. Quite the spectacle! π
This outflow, amidst the uncertainty of the market, suggests a potential accumulation by investors and long-term holders, which may assist in alleviating the downward pressure. How very considerate of them!
The Current Price Momentum: A Tale of Two Outcomes
At this very moment, LINK is trading near $13.71, having experienced a decline of 6% over the past 24 hours. A rather unfortunate turn of events, one might say.
However, during this same period, its trading volume has jumped by 7%, indicating a heightened participation compared to the previous days. How curious! π€
With this price drop, LINK has reached a key support level of $13.40, a level that has previously provided a strong reversal for the asset. Yet, the sentiment and market structure are now decidedly different.
If the ongoing potential accumulation continues and the downward pressure eases while LINK holds above the $13.40 level, there exists a strong possibility that history may indeed repeat itself.
LINK could witness a price reversal, soaring by 15% to reach the delightful $15.40 level. Oh, what a joyous occasion that would be! π
On the contrary, should the sentiment remain unchanged and the price continue to bleed, it may very well break down the local support of $13.40 and close a daily candle below the $13 level. A most tragic fate!
In such a scenario, LINK could see a price dip of another 18% until it reaches the next support at the $10.40 level. Alas! π±
Major Liquidation Levels: The Short Positions Take Center Stage
At this juncture, the major liquidation levels stand at $13.35 on the lower side (support), where traders have built $1.14 million worth of long positions.
The upper side (resistance) is at $13.81, where traders have built $1.59 million worth of short positions. How very intriguing!
This indicates that despite the tumultuous price action, traders are considering the current market sentiment, reflecting their interest in short positions. A most fascinating study of human behavior!
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2025-05-31 15:08