Chainlink's Price Could Benefit from a Dormant Social Sentiment
Chainlink Whales Holding 10k+ LINK on the Decline
On-chain data from the team at Santiment also highlighted a drop in the number of Chainlink whales holding at least 10k LINK. Such a drop is also concerning as it points towards continual selling of LINK by the large Chainlink holders.
LINK Battles to Retain the $25 Support
At the time of writing, Chainlink (LINK) is trading at $25.80 after a quick drop to a local low of $23.60 earlier today.
The latter price area was the result of a crypto-wide meltdown that also saw Bitcoin drop from yesterday’s high of $57,100 to a local low of $50,400.
To note is that plenty of quarterly Bitcoin options and futures expire tomorrow, March 26th, and the event could come with additional selling pressure for BTC. The possibility of additional selling could ultimately result in Chainlink once again battling to retain the $25 price area.
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