Chainlink: Whale activity signals more downside – Can demand at $14.27 hold?

• Whale activity and increased buy volume could potentially push LINK further.
• The daily chart also indicated that LINK could drop further from its current level.

Last week, Chainlink [LINK] recorded its largest monthly loss, dropping 26.80% following intense market sell-offs.

In the past 24 hours, LINK extended its downward trend, losing 61.2%. Some market indicators suggested this decline could deepen before a significant price move.

Major resistance level for LINK

The current downtrend could be a strategic move by market participants to drive the price to a favorable level, where sufficient buying activity may overcome the major barrier around the $23.78 region.

According to the In/Out of Money Around Price (IOMAP) metric, this resistance zone contained 110.43 million LINK sell orders from 96,760 addresses, creating a bottleneck for any upward price movement.

Source: IntoTheBlock

However, per the IOMAP, LINK could decline to a demand zone between $14.27 and $16.65, where 152 million LINK buy orders from 72,890 addresses could generate enough momentum to counter the selling pressure.

Once this demand zone is reached, the price might gain enough momentum to break through the resistance level.

Whales driving market activity

AMBCrypto found that market whales have been exerting downward pressure on LINK’s price over the past week.

The Large Holders Netflow to Exchange Netflow metric, which tracks whale activity relative to retail investors, revealed increased whale sell-offs.

The was 0.27% at press time, reflecting a 30.26% rise in whale-driven market activity.

Source: IntoTheBlock

If LINK’s price falls to the $14.27–$16.65 demand zone, these whales may join existing buyers, driving the price upward.

LINK’s chart movement

AMBCrypto combined Fibonacci retracement lines and technical indicators, including the Relative Strength Index (RSI), to assess potential price movements.

Fibonacci levels help identify possible support and resistance points. Currently, LINK has dropped below the $18.01 support level and is approaching the next support at $14.52, aligning with the IOMAP demand zone.

Source: TradingView

The RSI, which measures price momentum and identifies overbought or oversold conditions, shows LINK nearing the oversold region.

Read Chainlink’s [LINK] Price Prediction 2025–2026

At the time of writing, the RSI stood at 34.16, indicating high selling pressure. If LINK reaches $14.52 alongside an RSI below 30, a reversal may occur as selling pressure subsides.

Overall, whales may not solely determine LINK’s next rally. If selling subsides and buying resumes, a price rebound could follow.