Chainlink Whale Sale May Weigh on Price, but Cup-and-Handle and Higher Open Interest Could Push Toward $30.86

• Whale sale: 938,489 LINK sold at ~$22.87, creating immediate sell pressure.

• Technical setup: cup-and-handle formation targets $30.86 on a valid breakout.

• Derivatives: Open Interest rose 6.72% to $1.65B, signaling growing speculative demand.

Chainlink price: LINK faces whale-driven selling but shows a cup-and-handle setup with rising Open Interest — read COINOTAG’s actionable analysis and takeaways.

What is driving Chainlink price action today?

Chainlink price is reacting to a large on-chain sell by a whale and heightened derivatives activity. The immediate effect was selling pressure as 938,489 LINK (~$21.46M) moved, but technicals and Open Interest suggest the market is preparing for a possible directional move.

How did the whale sale impact LINK?

The whale sale — 938,489 LINK at an average near $22.87 — realized roughly $212K in profit and pushed LINK toward $23.81 at press time. Spot taker CVD shows taker-sell dominance, indicating aggressive market sells outpaced buy-side execution, which pressured intraday momentum and increased volatility.

That said, some flows look like profit-taking; if new buyers absorb the supply, overhead pressure could dissipate and restore near-term balance.

Source: CryptoQuant

Can Chainlink see a breakout instead?

Yes — technical structure supports a potential breakout. The daily chart showed a developing cup-and-handle pattern with support at $21.96 and resistance at $26.66. A successful handle breakout targets ~$30.86 while invalidation below major support would negate the setup.

Traders relying on classical technicals view a clean break above $26.66 as the trigger for accelerated speculative flows and short-covering that could push LINK higher.

Source: TradingView

What does Open Interest tell us about market conviction?

Open Interest rose 6.72% to $1.65B, signaling that derivatives traders are increasing positions ahead of a potential move. Elevated OI combined with a pattern completion suggests greater chances of a pronounced directional move when price challenges resistance or support.

When OI increases with price move direction, it tends to validate momentum; here, rising OI alongside a bullish pattern favors an upside outcome if the breakout occurs.

Source: CoinGlass

Can LINK beat sell pressure and reclaim resistance?

LINK can overcome whale-driven sell pressure if it maintains support above $22.00 and demonstrates follow-through buying above the handle. A sustained break past $26.66 would confirm strength and likely open a run toward $30.86.

Risk remains while taker-sell dominance persists. Traders should watch bid absorption on dips and the alignment of on-chain flows with derivatives momentum before assuming a bullish bias.

Frequently Asked Questions

How much LINK did the whale sell and at what price?

The whale sold 938,489 LINK, roughly $21.46M at an average price near $22.87, realizing about $212K in profit according to on-chain reporting at press time.

What technical level invalidates the bullish setup?

If LINK closes decisively below $21.96 and fails to hold $22.00 support, the cup-and-handle setup would be invalidated and downside targets should be reassessed.

Key Takeaways

• Whale impact: A 938,489 LINK sale created near-term selling pressure but may be absorbed if buy-side demand returns.
• Technical setup: Cup-and-handle with $26.66 resistance and $30.86 target on breakout; support near $21.96 is critical.
• Derivatives signal: Open Interest rose to $1.65B (+6.72%), indicating increased speculative positioning that could amplify a breakout.

Conclusion

Chainlink price faces a crossroads: the LINK whale sell introduced short-term downside risk, while a valid cup-and-handle and rising Open Interest argue for an eventual breakout if support near $22 holds. Monitor taker CVD, OI trends, and a close above $26.66 for confirmation. COINOTAG will update this report as new on-chain and derivatives data emerge.