| COINOTAG recommends • Exchange signup |
| 💹 Trade with pro tools |
| Fast execution, robust charts, clean risk controls. |
| 👉 Open account → |
| COINOTAG recommends • Exchange signup |
| 🚀 Smooth orders, clear control |
| Advanced order types and market depth in one view. |
| 👉 Create account → |
| COINOTAG recommends • Exchange signup |
| 📈 Clarity in volatile markets |
| Plan entries & exits, manage positions with discipline. |
| 👉 Sign up → |
| COINOTAG recommends • Exchange signup |
| ⚡ Speed, depth, reliability |
| Execute confidently when timing matters. |
| 👉 Open account → |
| COINOTAG recommends • Exchange signup |
| 🧭 A focused workflow for traders |
| Alerts, watchlists, and a repeatable process. |
| 👉 Get started → |
| COINOTAG recommends • Exchange signup |
| ✅ Data‑driven decisions |
| Focus on process—not noise. |
| 👉 Sign up → |
- Chainlink (LINK) has recently garnered attention as a whale makes a significant investment amidst bearish market conditions.
- The accumulation of LINK has sparked interest due to its recent price movements and market sentiment.
- “Lookonchain reports that a notable whale address added 222,677 LINK tokens at an average price of $11.5, totaling approximately $2.55 million,” experts say.
This article analyzes the recent purchase of Chainlink by a crypto whale and the implications for the market, highlighting bearish trends and key support levels.
Whale Purchase Amidst Bearish Sentiment
On October 23, 2024, a significant transaction involving Chainlink (LINK) captured the attention of the cryptocurrency community. The blockchain analytics platform Lookonchain reported that the whale wallet address “0x9cE” purchased 222,677 LINK tokens for a substantial $2.55 million. This acquisition took place despite a prevailing bearish sentiment within the cryptocurrency market, which raises questions about potential future price movements.
Average Purchase Price and Investor Confidence
According to Lookonchain, the average purchase price for these LINK tokens was reported at $11.5. This strategic buy highlights the whale’s belief in the asset’s potential upside, even as the market faces downward pressures. The substantial buy volume from this wallet has prompted discussions regarding a possible accumulation phase for LINK, as it suggests confidence in the token amidst a broader market downturn.
Technical Analysis and Key Support Levels
Analysts are closely monitoring Chainlink’s price action, particularly as it hovers around critical support levels. Current analysis indicates that LINK is teetering on the edge of crucial resistance at $11.30. If LINK fails to maintain this level and closes a daily candle below it, the cryptocurrency could potentially plunge to the $10.5 range. The significance of these price levels cannot be overstated, as they could mark key zones for traders looking to enter or exit positions.
| COINOTAG recommends • Professional traders group |
| 💎 Join a professional trading community |
| Work with senior traders, research‑backed setups, and risk‑first frameworks. |
| 👉 Join the group → |
| COINOTAG recommends • Professional traders group |
| 📊 Transparent performance, real process |
| Spot strategies with documented months of triple‑digit runs during strong trends; futures plans use defined R:R and sizing. |
| 👉 Get access → |
| COINOTAG recommends • Professional traders group |
| 🧭 Research → Plan → Execute |
| Daily levels, watchlists, and post‑trade reviews to build consistency. |
| 👉 Join now → |
| COINOTAG recommends • Professional traders group |
| 🛡️ Risk comes first |
| Sizing methods, invalidation rules, and R‑multiples baked into every plan. |
| 👉 Start today → |
| COINOTAG recommends • Professional traders group |
| 🧠 Learn the “why” behind each trade |
| Live breakdowns, playbooks, and framework‑first education. |
| 👉 Join the group → |
| COINOTAG recommends • Professional traders group |
| 🚀 Insider • APEX • INNER CIRCLE |
| Choose the depth you need—tools, coaching, and member rooms. |
| 👉 Explore tiers → |
Market Trends and On-Chain Data
The prevailing bearish sentiment surrounding LINK is underscored by its current Long/Short ratio of 0.87, as reported by Coinglass, signaling that a majority of traders are favoring short positions. Additionally, a sustained negative exchange netflow over the past month has been recorded by the analytics firm IntoTheBlock, indicating that more investors are moving their holdings to colder wallets—typically a bullish signal—but could also represent a defensive stance as prices decline.
Current Market Dynamics
As of now, LINK is trading at $11.26 after experiencing a notable decline of over 8.3% within the last day. The trading volume has also seen a significant drop of approximately 30%, suggesting reduced market activity and liquidity levels. Such declines in volume often mirror traders’ hesitancy and can lead to further volatility if market conditions do not improve soon.
| COINOTAG recommends • Exchange signup |
| 📈 Clear interface, precise orders |
| Sharp entries & exits with actionable alerts. |
| 👉 Create free account → |
| COINOTAG recommends • Exchange signup |
| 🧠 Smarter tools. Better decisions. |
| Depth analytics and risk features in one view. |
| 👉 Sign up → |
| COINOTAG recommends • Exchange signup |
| 🎯 Take control of entries & exits |
| Set alerts, define stops, execute consistently. |
| 👉 Open account → |
| COINOTAG recommends • Exchange signup |
| 🛠️ From idea to execution |
| Turn setups into plans with practical order types. |
| 👉 Join now → |
| COINOTAG recommends • Exchange signup |
| 📋 Trade your plan |
| Watchlists and routing that support focus. |
| 👉 Get started → |
| COINOTAG recommends • Exchange signup |
| 📊 Precision without the noise |
| Data‑first workflows for active traders. |
| 👉 Sign up → |
Conclusion
The actions of major players like the recent whale investment signal potential turning points even amidst a bearish market backdrop. For Chainlink (LINK), watching the price behavior around $11.30 over the coming days will be critical in determining its trajectory. Traders should prepare for varying possibilities as the balance between accumulation efforts and bearish sentiment unfolds, offering both opportunities and risks in the evolving cryptocurrency market.
| COINOTAG recommends • Members‑only research |
| 📌 Curated setups, clearly explained |
| Entry, invalidation, targets, and R:R defined before execution. |
| 👉 Get access → |
| COINOTAG recommends • Members‑only research |
| 🧠 Data‑led decision making |
| Technical + flow + context synthesized into actionable plans. |
| 👉 Join now → |
| COINOTAG recommends • Members‑only research |
| 🧱 Consistency over hype |
| Repeatable rules, realistic expectations, and a calmer mindset. |
| 👉 Get access → |
| COINOTAG recommends • Members‑only research |
| 🕒 Patience is an edge |
| Wait for confirmation and manage risk with checklists. |
| 👉 Join now → |
| COINOTAG recommends • Members‑only research |
| 💼 Professional mentorship |
| Guidance from seasoned traders and structured feedback loops. |
| 👉 Get access → |
| COINOTAG recommends • Members‑only research |
| 🧮 Track • Review • Improve |
| Documented PnL tracking and post‑mortems to accelerate learning. |
| 👉 Join now → |