Chainlink Whale Sells Off Tokens After LINK Price Resistance – Did He Profit?

Link Whale Sells Off Tokens for Small Profit After Price Resistance

Cryptocurrency tracking service Spot On Chain reported today that a large Link (LINK) token holder, known as a “whale”, sold off a portion of their holdings for an estimated 3% profit.

According to the report, the whale wallet address 0x32b sold 320,291 LINK tokens for approximately $3.58 million in USDC stablecoin over the past 30 minutes. The whale had originally accumulated the LINK on cryptocurrency exchange Binance about a week ago at an average price of $10.74 each, spending around $4.52 million at the time.

With LINK currently trading in the $11 range on Binance, the whale was able to sell the tokens for a gain of about $135,000. This suggests the whale took profits after LINK met resistance around the $12 level in recent days and failed to break higher.

LINK has remained rangebound between support around $10 and resistance at $12 for some time now. This whale sale may indicate decreasing confidence that LINK will overcome the overhead resistance at $12 in the near term.

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The relatively small 3% profit taken on this trade also suggests the whale believes LINK may still have more upside potential in the longer term once broader crypto market conditions improve. But for now, the token appears stuck in its current trading range. Crypto market analysts will be watching closely to see if LINK can break out above $12 or if it will fall back down toward the key support zone around $10.

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency