AnalysisChainlinkLinkTradingwhales

Chainlink Whales Sell With Little Support Ahead

Chainlink looks indecisive from a technical perspective, but on-chain metrics suggest mounting downward pressure with little to no support underneath it. 
Chainlink Consolidates Within Narrow Range
Chainlink continues consolidating without providing a clear outlook for where it is heading next despite the hype around Grayscale’s launch of a LINK trust fund for institutional investors. 
The decentralized oracles token has been making a series of lower highs and higher lows after peaking at an all-time high of $37 on Feb. 20. Such market behavior led to the formation of a symmetrical triangle on the daily chart.  
LINK/USD on TradingViewAs Chainlink edges closer towards the triangle’s apex, it signals that volatility is about to strike back. A daily candlestick close above $31.40 or below $26.30 would likely be followed by a 43% move in that direction. 
This target is determined by measuring the height of the symmetrical triangle’s y-axis and adding it to the breakout point.
Whales Sell on Weak Support
Regardless of the ambiguity that Chainlink presents from a technical perspective, several on-chain metrics suggest that a steep correction is underway. 
Santiment’s holder distribution chart shows that the selling pressure behind Chainlink accelerated over the past four days. The behavioral analytics firm recorded a significant decline in the number of addresses holding 10,000 to 100,000 LINK.
Roughly 100 whales holding $280,000 to $2.80 million worth of Chainlink have left the network or redistributed their holdings, representing a 3.50% decrease within such a short period.
LINK Holders Distribution by SantimentWhile sell orders continue to pile up, transaction history …
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