- Chainlink’s price is at a critical juncture, with two possible outcomes: a 15% jump or an 18% crash.
- Traders are heavily leveraged at $13.35 and $13.81, indicating a significant level of interest and risk in the market.
After a series of losses, Chainlink [LINK] has reached a pivotal level that could determine its future trajectory.
Despite the downward trend, investors and traders are showing confidence in the asset, accumulating tokens in anticipation of a potential turnaround.
Large LINK Transfer from BitGet
On May 31st, Whale Alert reported a transfer of 1,788,188 LINK tokens worth $25.53 million from BitGet to an unknown wallet.
Such significant transfers are often associated with whale activity, suggesting accumulation during a price decline.
Additionally, exchanges have witnessed a notable outflow of LINK tokens, indicating potential accumulation by long-term holders.
According to CoinGlass, exchanges recorded an outflow of over $4.49 million worth of LINK tokens in the past 48 hours.
Source: Coinglass
This outflow, combined with market uncertainty, suggests a potential accumulation phase that could alleviate downward pressure on the price.
Current Price Analysis
Currently, LINK is trading around $13.71, down 6% in the last 24 hours.
Despite the decline, trading volume has increased by 7%, indicating growing participation in the market.
LINK has reached a key support level of $13.40, which previously triggered a strong reversal. However, the market sentiment and structure have evolved.
If accumulation continues and LINK holds above $13.40, there is a possibility of a 15% price surge to $15.40.
Source: TradingView
On the flip side, if the price continues to decline and breaks below $13.40, LINK could drop by 18% to $10.40.
Key Liquidation Levels
The major liquidation levels are at $13.35 (support) and $13.81 (resistance), with significant positions held by traders on both sides.
Source: CoinGlass
Traders are closely monitoring these levels, reflecting their interest in short positions amidst market volatility.
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