- LINK risks falling to $8 if the key $12.30 support level fails to hold, analysts warn.
- Whale activity signals accumulation, with $25.53M in LINK moved from exchange to private wallet.
- LINK trading volume rises 7%, indicating growing trader interest despite ongoing price pressure.
Trading in Chainlink (LINK) has been under pressure after the latest market drops, with traders monitoring the $12.30 price closely. Analysts say that if this support fails, LINK might drop to around $8 which is a large decrease from its price now near $13.87.
LINK Trading Near Key Support Level
According to a recent analysis by crypto analyst Ali, LINK could find short-term support near the lower boundary of its trading channel at $12.30. Ali wrote, “A break below this level, however, could open the door for a drop to $8.” This support zone is being watched carefully, as the broader crypto market continues to experience high volatility.
At the time of writing, LINK was trading at $13.87 after falling more than 5% over the last 24 hours. This level is just above the $13.40 mark, which previously served as a strong support zone earlier in May. If LINK closes below $13, the next target could be $10.40, according to current market structure.
CryptoWZRD also noted that LINK closed bearish and that further downside is possible unless a reversal is seen in LINKBTC performance. This reflects cautious sentiment among technical traders amid current price movement.
Whale Accumulation and Exchange Outflows Continue
Blockchain tracker Whale Alert reported that 1.78 million LINK tokens, valued at $25.53 million, were moved from BitGet to a private wallet. CoinGlass data also shows $4.49 million in LINK outflows from exchanges in the last 48 hours.
These moves suggest that large holders may be accumulating during this correction. Meanwhile, trading volume increased by 7%, showing stronger activity from traders looking for entry or exit positions.
According to Solberg Invest via X, LINK is targeting $32 and $51 in 2025 after a healthy pullback. However, market watchers agree that the $12.30 level must hold in the short term for any upward move to begin.
