• Chainlink (LINK) whale transferred 246,259 LINK worth $3.08 million, lifting total holdings to 445,775 tokens.
• LINK is trading near $12.30 and remains below major EMAs, keeping the short-term trend bearish.
• The Price Compression Signals Possible Range Expansion Toward $14.5 Resistance Zone

A large whale on the Chainlink network has been steadily acquiring LINK tokens and transferred another 246,259 tokens worth $3.08 million to Binance. Outflows of this magnitude on a cryptocurrency exchange may be viewed as a move towards self-custody, which could help mitigate sell pressure.

Source: Onchain Lens

After this last movement, the wallet currently holds 445,775 LINK worth approximately $5.57 million. Even though whale movements do not determine market direction, such large accumulation activity is always under observation regarding its potential as a sign for eventual confidence in Chainlink

Also Read: Chainlink (LINK) Shows Bullish Momentum with $16 Resistance in Focus

LINK Struggles Below EMAs as Bearish Pressure Persists

LINK continues to hold around the $12.30 level and is still below all the major EMAs, hence the overall daily trend remains bearish. Also, the recent price reversals have been rejected below the 50 EMA, and the pattern still makes lower highs and lower lows.

Source: TradingView.

Support rests at $12.00-$12.20, while a breakdown will follow with a view to $11.50-$11.00. A reading of 40 on RSI indicates a weak momentum position, and as long as there is no recovery to the short EMAs, a correction will follow.

LINK Price Compression Hints at a Potential Breakout

Moreover, the crypto analyst, Crypto Pulse, revealed that Chainlink (LINK), on the other hand, is navigating a constricted trading range, oscillating between support at $11.8 and a corresponding $14.5 limit of resistance. This is indicative of market imbalance, where price is consolidating due to a lack of trading direction.

Source: Crypto Pulse

On the smaller charts, the breakout from the descending channel is the first sign that the momentum of the falling trend is weakening. As long as the $11.8 support level is maintained, the pattern is optimistic, and the return towards the $14.5 high range is still within reach.

Also Read: Chainlink Price Set for +270% Surge? LINK Eyes $46 As Macro Trends Signal Big Move