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Whale offloads and rising exchange balances weigh on LINK, signaling further downside. Chainlink (LINK) extended its recent pullback on Monday, trading more than 22% below its May peak amid mounting pressure from major holders. On-chain metrics reveal that whale reserves have plunged this year, with large addresses now holding just 565.7 million LINK—their lowest level in over twelve months. From February through early June, whales have offloaded roughly 46 million tokens, underscoring sustained profit-taking despite Chainlink’s solid fundamentals.
📉 Chainlink (LINK) stalls under resistance as bearish pressure builds. Is a drop to key support next, or will bulls step in? Full 1-day chart breakdown with trade setups 👇 #LINK #Chainlink #Crypto #Trading https://t.co/puAuoB9iPo
— Ecoinimist News (@EcoinimistNews) June 6, 2025
The downturn intensified this weekend when a single whale transferred 356,000 LINK (about $4.6 million) to Binance, hinting at additional sell-side distribution. Meanwhile, LINK balances on centralized exchanges have climbed to 193.4 million tokens, up from 192 million last week. Historically, rising exchange reserves often foreshadow heightened sell pressure as investors gear up to exit positions. With whale sentiment eroding and exchange supply swelling, Chainlink’s technical outlook remains firmly bearish in the near term.
Key Chainlink Levels To Watch – June 8
LINK/USD is showing bearish structure, with a Market Structure Shift (MSS) confirming downward momentum. Price is currently retesting the $16.00 supply zone and could face rejection from the order block (OB) area.
The MACD (Moving Average Convergence Divergence) remains below the signal line, suggesting weak bullish momentum. A potential drop toward the $10.10 support level is likely if the rejection plays out.
LINK Key Levels
Resistance Levels: $16.00, $22.10, $26.00
Support Levels: $10.10, $8.10, $6.000
LINKUSD METRICS
Total Market Capitalization: $3.36T
Chainlink Market Capitalization: $9.17B
Chainlink Volume: $228.29B
Market Rank: #13
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