Chainlink Price Pulls Back After 95% Rally

Chainlink's (LINK) recent price drop of 3.1% over the past 37 hours is seen as a normal pullback after a strong rally, rather than a response to a new project-specific shock.

The sharp uptrend in LINK over the last couple of months, which saw it surge roughly 95% from about $7 to around $13.7, breaking a multi-month downtrend and key resistance near $10-12, set the stage for a technical retrace.

Onchain data and research highlighted large whale deposits to exchanges and rising exchange balances in recent days, increasing potential selling supply into that resistance.