"LINK Plummets 61% in 24 Hours, Whales Drive Sell-Offs"

Chainlink, a leading decentralized oracle network, has been experiencing a significant downturn in recent weeks, with its native token LINK recording a substantial monthly loss of 26.80% following intense market sell-offs. In the past 24 hours, LINK has extended its downward trend, losing 61.2%, and some market indicators suggest that this decline could deepen before a significant price move.

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 contains 110.43 million LINK sell orders from 96,760 addresses, creating a bottleneck for any upward price movement.

However, the IOMAP also indicates that 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.

Market whales have been exerting downward pressure on LINK's price over the past week, with the Large Holders Netflow to Exchange Netflow metric revealing increased whale sell-offs. At press time, the metric stood at 0.27%, reflecting a 30.26% rise in whale-driven market activity. If LINK's price falls to the $14.27–$16.65 demand zone, these whales may join existing buyers, driving the price upward.

Analyzing LINK's chart movement, AMBCrypto combined Fibonacci retracement lines and technical indicators, including the Relative Strength Index (RSI), to assess potential price movements. 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. The RSI, which measures price momentum and identifies overbought or oversold conditions, shows LINK nearing the oversold region. At the time of writing, the RSI stood at 34.16, indicating high selling pressure. If LINK reaches $1