Chainlink is experiencing significant market activity as whale wallets shed 31 million LINK over the past three weeks. Large holders, defined as wallets holding between 100,000 and 1,000,000 LINK, reduced their positions from 191.5 million to approximately 158.5 million LINK. The sell-off began gradually but intensified between November 12 and 21, reflecting cautious behavior from major stakeholders.
Exchange Inflows and Market Impact
Analysis shows a sharp increase in LINK sent to centralized exchanges during this period, highlighting potential sell pressure. Two prominent inflow events occurred on November 15 and 20, with over 11 million and 8 million LINK moved, respectively. Such transfers often precede market sell-offs, suggesting whales are strategically reducing exposure while influencing short-term liquidity.
As a result, LINK’s price broke the $12.50 support level, declining from over $18.50 in late October to around $12.40. The price loss exceeded 11% in just seven days, reflecting both the market reaction to whale outflows and persistent downward momentum. Analysts note that descending trendlines continue to pressure the token, with resistance observed between $15 and $16. A potential move toward the $11.50 support zone is now under close scrutiny, as it could signal either stabilization or further decline.
The behavior of whale wallets and rising exchange inflows suggest that bearish sentiment may persist unless there is a meaningful rebound above the $15 resistance. While minor bounces were observed around November 23, the broader trend points to cautious market sentiment shaped by concentrated holdings. Investor attention is particularly focused on how liquidity shifts affect daily trading volume, which recently exceeded $584 million.
Market observers emphasize that the current consolidation pattern is vulnerable, and the price may continue testing lower support levels. Should LINK stabilize near $11.50, confidence could return, though additional whale activity remains a critical factor. The coordinated movement of large holders, coupled with high exchange inflows, underlines the continuing influence whales have on market dynamics and short-term volatility.
Investors and traders are closely monitoring these developments, balancing optimism over long-term utility with caution due to the observed outflows and persistent sell-pressure. Chainlink’s price action over the coming sessions will likely hinge on whale behavior and broader market demand.