Chainlink (LINK) has experienced significant price volatility due to notable whale transactions and bearish market sentiment. On May 30, a large whale address 0x33f7 dumped 722,416 LINK tokens valued at $11.11 million on Binance. This large sell-off accelerated LINK’s price decline, pushing it below the $15 support level and its ascending trendline, signaling a strong bearish trend without early recovery signs. The price hovered around $14.50, down 8.25% in 24 hours, with trading volume surged by 45%, indicating panic exits and leveraged trading.
Despite the sell-off, long-term investors appear to be quietly accumulating LINK, as CoinGlass data revealed $3.37 million worth of LINK moving out of exchanges over 48 hours, hinting at holders stabilizing amidst volatility. In contrast, intraday traders show predominant bearish bets, with $6.30 million in short positions versus $3.04 million in longs around key support and resistance levels at $14.29 and $15.01, respectively.
Technical analysis warns of a possible continued downside, with LINK risking a 25% drop toward $10.85 if it closes below the $14.75 daily candle level. A bullish turnaround would only be feasible if prices reclaim and hold above $15 and $16. Separate data reported a 299% surge in whale transaction volume in the last 24 hours, amounting to 6.71 million LINK (~$101.4 million), showing high whale activity despite overall market decline and $693 million in liquidations.
Additionally, positive development came from Coinbase announcing the use of Chainlink’s Proof of Reserve to enhance transparency of over $4.6 billion in cbBTC reserves. This integration allows on-chain verifiability and promotes DeFi ecosystem engagement.