Recent on-chain metrics show increased sell pressure from whales, particularly after LINK prices rallied past $20. While whale transaction activity has receded, two major days saw transaction volumes similar to the second half of 2021, suggesting profit-taking. The liquidation heatmap indicates a steady decline in LINK prices, potentially leading to a drop towards the $20 support level.
The heightened daily transaction activity from whales was on the same scale as that from the second half of 2021.Over the past two weeks, some on-chain metrics indicated increased sell pressure from whales. The price move to $30 was used to secure profits.Toward the end of November, as LINK prices rallied past the $20 mark, the whale transaction count of more than $1 million began to rise.
Over the past two weeks, it has begun to recede, but there were two major transaction days that were the second and third highest of any day in the past three months.The latter came when LINK saw its price bounce rejected at $25. This indicated increased panic among large holders and an uptick in selling pressure over the past ten days.
Chainlink Whales Sell Pressure Price Drop Liquidity
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