Chainlink's price movement today has been influenced by a broader market trend where Bitcoin's dominance has surged, leading to a decline in altcoin performance. As Bitcoin holds steady above the $100,000 mark, altcoins like Chainlink have struggled to maintain their momentum. The end of the altcoin season has left traders with portfolios heavily weighted in altcoins facing losses, as Bitcoin's market cap dominance reaches its highest level since late November. This shift in market dynamics has put pressure on Chainlink and other altcoins, causing their prices to drop.
Despite the overall bearish sentiment in the altcoin market, Chainlink has seen significant whale activity, with large investors accumulating LINK tokens. On-chain data from Lookonchain reveals that a whale wallet has withdrawn a substantial amount of LINK from Binance, indicating potential long-term bullish sentiment among large investors. However, this accumulation has not been enough to counteract the broader market trend of Bitcoin dominance, which continues to weigh on altcoin prices.
Chainlink's price has decreased by 2.86% today, reaching a low of $22.228630.