Chainlink (LINK) has been struggling lately, dropping over 33% since its peak in May. Why? A mix of things: Middle East tensions, a worried economy (thanks to rising interest rates and the Federal Reserve), and generally shaky investor confidence in crypto. The price is looking for a solid floor right now.
A Huge Transfer to Binance
Making things worse, a big chunk of Chainlink—17.875 million LINK, or about $149 million—was just moved from non-circulating wallets to Binance. This is raising eyebrows because it could mean a big sell-off is coming.
Unlocks: History Repeating Itself?
Chainlink has had similar “unlocks” before. Sometimes, the price went up afterward. But this time, with the current market mood, it’s hard to say what will happen.
Chainlink’s Price is Under Pressure
The price of LINK is currently around $11.98. It’s broken through some key support levels, showing a clear downtrend since May. All the technical indicators are pointing down—it’s looking bearish. The move to Binance is adding fuel to the fire, making people even more worried about a price drop.
The Bigger Picture
Even though the short-term outlook is gloomy, Chainlink is still making progress with partnerships and development. Long-term, it could still do well. But for now, the market is nervous. Whether the price goes up or down depends on what happens with global markets and what the next few days bring.
