Whale sell-off pushes over 4M LINK into the market as price drops to $19

A massive whale sell-off flooded the market with over 4 million LINK, driving the price down to $19.

Crypto analyst Ali Martinez shared his observation in an X post, pointing out that large holders controlling between 1 million and 10 million Chainlink (LINK) reduced their holdings by over 4 million LINK starting Feb. 2, 2025.

The decline in whale holdings appears to have put downward pressure on LINK’s price, which fell from over $21 to around $19. A similar whale sell-off occurred in late January, leading to a price drop from approximately $26 to $22.

Since no major negative news about Chainlink has surfaced, this sell-off is likely due to profit-taking, as LINK recently traded above $25, according to CoinGecko. Moreover, the broader crypto market sentiment fuelled by the recent implementation of tariffs by the U.S. President Donald Trump may have played a part. These tariffs, affecting imports from Mexico, Canada, and China, led to increased market volatility and prompted many to liquidate positions in riskier assets such as Chainlink.

Read more: Trump’s tariffs spark a crypto crash — and experts say it’s exactly what the market needed

On the technical front, crypto trader Nebraskangooner told his 375K followers on X that LINK is currently in a consolidation phase. He cautioned that a breakdown below key support could potentially push LINK as low as $12.00. However, a breakout above resistance could set the stage for new local highs and a potential uptrend. “Would rather wait for a consolidation break than get lost in the chop inside,” he remarked.

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