Chainlink's price has been under pressure today, primarily due to broader market trends and recent whale activity. Despite a whale accumulating over $17 million worth of LINK tokens in recent days, the cryptocurrency has faced a downturn, mirroring losses across the crypto market. This decline comes after a period of gains, with Chainlink's price previously peaking at $30.95. The market's current bearish sentiment is reflected in the price drop, as investors seem to be cautious ahead of potential market-moving events.
The broader crypto market has also been affected by a report from Blockaid, which highlighted that nearly 60% of new crypto tokens launched in 2024 were malicious. This revelation has likely contributed to a risk-off sentiment among investors, impacting the prices of established cryptocurrencies like Chainlink. Additionally, the market is still digesting the implications of recent whale activities and the potential for further accumulation, which could influence future price movements.
Chainlink's price has fallen by 4.14% today, currently trading at $23.859385. The cryptocurrency reached a high of $25.534023 earlier in the day but has since declined to a low of $23.657661.