LINK token has continued to decline as whales offloaded massive tokens in the last 48 hours. As shared by crypto analyst Ali Martinez, on-chain data shows that 4.13 Million LINK tokens have been offloaded in the last 48 hours. 

Following these sell offs, the coin’s price has dropped from $21 to around $19 within the day. If the downward trend prevails, prices might test lower prices which is causing further concerns in the market. 

https://twitter.com/ali_charts/status/1887011269649023082

Chainlink (LINK) Dips Over 3% In the Day 

As mentioned earlier, Chainlink’s native token LINK has indicated a downward momentum. This is after the coin dropped from $21.17 to the current price which stands at $19.80, as of this writing. This price shows a 3.47% decline from the Tuesday trading session and over 14% decline in the last 7 days. 

The data on Coinmarketcap shows that LINK has been trading within the price range of $19.4 and $21.17, the low and the high, respectively. Additionally, Chainlink’s traders have refrained from market activity which has caused the trading volume to drop by 44.12%. The coin’s trading volume currently stands at $804.51 Million in the last 24 hours. 

Chainlink also has a market capitalization of $12.63 Billion which shows a 3.475 decline in the day. With the current market cap, the number of LINK tokens in circulation stands at 638.09 tokens. 

On-Chain Data Shows Bullish Sentiment 

Link whales sell-off is giving a contradictory picture as on-chain data indicates positive network growth. According to Santiment, an on-chain data platform, the network recently attained 9,531 active wallets. Active wallets reached their highest value in the last four weeks. 

Single day transactions of over $100K or more reached 1,659. This figure is the highest as it exceeds the number recorded in December 2023. The rising number of on-chain LINK transactions creates a bullish sentiment which opposes token bearishness indicated in recent significant sell-offs. 

However, according to crypto analyst ‘Nebraskangooner’ LINK could fall to the $12 price level if its decline persists. Traders are urged to keep an eye on how LINK performs in the next few hours before making a move.