As on-chain whale buying activity clearly weakens, Chainlink’s price is forming a bearish pattern with significant risk implications, and market concerns about LINK’s short-term trend continue to intensify. Data shows that Chainlink has fallen approximately 4.5% in the past 24 hours, retreating more than 16% from its monthly high. The current price is around $12.38, with a year-to-date decline of over 50%.
From a capital behavior perspective, changes in whale demand are particularly critical. Nansen data indicates that the number of large addresses holding LINK increased from 1.77 million to 1.91 million in the first half of December, but then quickly fell back to 1.87 million. Historical experience suggests that whale de-risking is often seen as a leading signal of Chainlink’s price movement, which can weaken retail investor confidence and accelerate market sentiment deterioration.
Meanwhile, on-chain fundamental indicators for Chainlink are also weakening. According to DeFiLlama data, the total value locked (TVL) in DeFi protocols built on the Chainlink network has decreased from $1.13 billion in late August to approximately $530 million now, a decline of over half. Additional data shows that since September, weekly fee income on the Chainlink network has dropped nearly 50%, reflecting a significant cooling of ecosystem usage and demand.
On the technical side, Chainlink’s daily chart is forming a classic descending triangle pattern, composed of a downward trendline and a horizontal support line, typically considered a continuation bearish pattern. Currently, LINK’s price is only about 5% above the support level; once it effectively breaks below, selling pressure could rapidly intensify.
Momentum indicators are also bearish. The MACD is below the zero line, and the RSI has fallen to around 42 and continues to decline, indicating sellers still hold the advantage, and the price has not yet entered an oversold zone. Coupled with the previously market-focused long-term double top risk, the downside uncertainty for Chainlink’s price further increases.
Overall, if LINK cannot hold the important support level of $10.1—an essential level since mid-2024—Chainlink’s price may decline toward the previous low around $8. Under the backdrop of weakening whale demand, cooling on-chain data, and technical pressure, Chainlink’s short-term trend still faces significant downside risk. Investors should closely monitor changes in key support levels.
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