Recently, Chainlink (LINK) price movement has been under pressure, maintaining a significant downtrend since late August, and on the technical side, it is gradually approaching the confirmation of a typical bearish double top pattern. Meanwhile, on-chain data shows that whales have started to continuously reduce their holdings of LINK, further reinforcing the market's bearish expectations. It cannot be ruled out that LINK may experience a pullback of over 50% in the future.
According to the data, as of December 23, the price of Chainlink is approximately $12.49, with a market capitalization of about $8.84 billion, a pullback of about 16% from this month's peak, and a cumulative fall of nearly 55% from the year's high. The overall downward trend is closely related to the macro environment, including market uncertainty regarding U.S. tariff policies and concerns over the Federal Reserve's tight interest rate stance, leading to a continued decline in risk appetite in the cryptocurrency market.
From a fundamental perspective, the activity level of the Chainlink ecosystem has obviously weakened. DefiLlama data shows that the total locked value (TVL) of DeFi applications based on Chainlink has significantly dropped from about $1.13 billion at the end of August to approximately $545 million currently. At the same time, since September, the weekly fees generated by relevant protocols have continuously declined, reflecting a slowdown in the actual demand for Chainlink's oracle services. This dual decline in usage and revenue further undermines investor confidence.
The on-chain capital flow is also unfavorable. Nansen data shows that in the past 7 days, the total amount of LINK held by Whale addresses has decreased by about 2%, dropping to 1.84 million. Meanwhile, the LINK balance on exchanges has increased by about 2.7%, reaching 226.73 million, which is usually seen as a signal of rising potential selling pressure that may continuously suppress the price.
From a technical analysis perspective, the LINK weekly chart is forming a multi-year double top structure, with the top area around $28 and the key neckline support at approximately $11.08. Once the price effectively falls below this level, historical experience shows that it often triggers a deeper trend decline. The current MACD has crossed bearish and continues to move downward, while the RSI has dropped to around 37, not yet entering the oversold area, indicating that there is still potential for further decline in the short term.
Overall, if the support at 11 dollars is lost, the price of Chainlink may further drop to 8 dollars, and even test the 5 dollar area, which had formed an important bottom from 2022 to 2023. For investors focusing on Chainlink price movement, LINK technical patterns, and the DeFi oracle sector, it is crucial to remain highly vigilant of the downside risks at this stage.
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