Chainlink price continued its strong downward spiral as Bitcoin and most altcoins crashed.
Summary
- Chainlink price has crashed amid the ongoing crypto market plunge.
- Whales are buying LINK while the supply in exchanges is falling.
- The Elliot Wave pattern points to a strong comeback in the near term.
The Chainlink (LINK) token plummeted to a low of $15.68, about 20% below its July high.
Chainlink whale buying continues
LINK, like most altcoins, plunged this week as the recent bullish momentum in the crypto industry waned.
Market jitters intensified as President Trump’s tariff hammer fell, impacting even economies like South Africa, Switzerland, and India. Adding fuel to the fire, a dismal jobs report from the Bureau of Labor Statistics sent investors scrambling for the exits.
July’s job numbers landed with a thud: a paltry 73,000 jobs created, and unemployment ticking upwards to 4.2%. The fallout? President Trump wielded the axe, firing the bureau chief amid accusations of data manipulation, a dramatic move that sent shockwaves through the economic establishment.
Whales are making waves, and the latest data reveals they’re hungry for more. Nansen reports a feeding frenzy, with whale wallets now overflowing with 3.84 million tokens. That’s a staggering 13% surge in holdings since July, when they were already sitting on a massive 3.38 million coins. Is this just the beginning of a whale-sized bull run?
Chainlink’s exchange exodus continues. Wallets are swallowing LINK tokens faster than ever, with exchange balances plummeting from a July peak of 283 million to a current 276.88 million. This shrinking supply signals a powerful shift: holders are stashing their LINK away, starving exchanges of liquidity and setting the stage for a potential price surge. Are investors bracing for liftoff?
Chainlink holders, mark your calendars! August 8th could be a key date for LINK’s price. Why? The clock’s ticking on the Space and Time (SXT) token claim. This isn’t just any airdrop; it’s a strategic move by a rising star in crypto infrastructure. Space and Time earmarked a cool 4% of its SXT supply for Chainlink’s dedicated community. With the initial 100 million SXT tokens – a hefty $8 million value – up for grabs until August 8th, expect potential ripples in LINK’s market as the claim period closes.
Time’s almost up! Eligible LINK stakers, grab your share of the 100M SXT prize pool in Chainlink Rewards: Season Genesis. Less than a week remains to claim your rewards!
LINK price also reacted mildly to the introduction of a new pricing method for its decentralized exchange-traded assets
Chainlink price technical analysis
LINK price chart | Source: crypto.news
LINK’s recent rally hit turbulence, plummeting from a July 21st peak of $20.26 to a current $15. Bulls failed to hold critical ground, as LINK sliced through the $17.96 support established on May 12th and the 61.8% Fibonacci retracement level at $16.82, signaling a potential shift in momentum.
LINK is coiling for a breakout, bouncing right off its 50-day moving average like a springboard. But here’s the kicker: whispers of an Elliott Wave pattern are swirling, suggesting we’re entering phase two. Buckle up, because phase three could send LINK soaring to $25.60 – a thrilling 62% climb from here.
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Thanks for reading Elliot Wave points to a Chainlink price rebound as whales buy
