Chainlink's recent price decline can be attributed to a combination of market dynamics and technical factors. After a strong uptrend that saw LINK reach its highest level since January 2022, the cryptocurrency has faced a pullback. This comes after significant whale activity, where large holders moved substantial amounts of LINK to various platforms, including Aave and OKX. While whale accumulation typically signals bullish sentiment, the recent movements may have led to profit-taking, contributing to today's price drop.
Despite the recent decline, Chainlink had previously flipped a key resistance level at $22.85 into support, indicating a strong recovery in the past weeks. However, the current price movement suggests that the bullish momentum may be waning, at least temporarily. The price has now fallen to $24.85, marking a 4.97% decrease today, with the lowest point being the current price itself.