Chainlink's price fluctuated and fell for three days in a row, erasing some of the gains made last week.
The Chainlink (LINK) token fell to $27, marking a 13% decline from this year's high and bringing its market cap to over $17 billion.
The pullback mirrored losses seen across other popular cryptocurrencies. Bitcoin (BTC) fell to $105,000 from its weekly high of $108,000. Similarly, Ethereum, Ripple, and Solana decreased by more than 3%.
However, one whale continued to collect LINK tokens, betting on his recovery. According to LookOnChain, the whale withdrew 65,000 LINK tokens worth $1.8 million on December 18. This followed a trend that began four days earlier, bringing the whale's total haul to over $17.3 million.
The rally came shortly after Donald Trump's World Liberty Financial acquired more than $2 million worth of LINK tokens. The upcoming Decentralized Finance platform has chosen Chainlink as its oracle provider.
Chainlink is widely regarded as one of the most fundamental projects in the blockchain industry. Its oracle solutions are used by major DeFi players like AAVE, Spark, and Compound. The total value acquired by Chainlink has increased to more than $41 billion, surpassing competitors such as Chronicle, Pyth, and Edge.
The number of Chainlink holders has also increased. According to data from IntoTheBlock, there are now more than 688,000 addresses with a LINK balance, higher than the 30-day average of 686,000. This increase indicates a steady demand for the token.
Chainlink is also expected to benefit from its partnership with Swift Network and other large platforms benefiting from its technology for tokenization. In addition, there are discussions about the possible approval of the Chainlink ETF with the Securities and Exchange Commission.
Chainlink stock price analysis
The 4-hour chart shows that the price of LINK peaked at $30.95, forming a small triple-top chart pattern – a bearish signal. It has since declined and fallen below the neck of the pattern at $27.58.
Currently, Chainlink is hovering just above the 23.6% Fibonacci Retracement level at $26. It has also fallen below the mean line of Andrew's Pitchfork instrument and the 50-period moving average.
Therefore, it is likely that the coin will continue to rise ahead of the decision of the Federal Reserve. If this happens, it could drop to the next psychological level at $25 and then bounce back when investors buy the dip.
Source: https://crypto.news/chainlink-price-reverses-as-one-whale-keeps-accumulating-link-tokens/
