Crypto
Chainlink Tumbles Below $12 as Whale Selling Pressure Mounts
Chainlink (LINK) has dropped below the $12 support zone after a large whale transferred approximately $26 million in LINK to Coinbase.
The sudden move follows a series of similar deposits, which can create concerns about selling pressure due to tokens being moved to an exchange for liquidity. However, it's essential to note that exchanging alone does not prove token sales.
Chainlink still boasts a strong narrative with its oracle network connecting blockchain applications to external data, while CCIP and real-world assets continue expanding the project's long-term story.