"LINK's Surge in Exchange Activity: Bearish Sentiment Looms

Chainlink [LINK] has recently experienced significant market activity, with a substantial exchange activity between November 17, 2024, and February 26, 2025. The movement of 610,000 LINK to crypto exchanges within 24 hours indicated increased selling pressure, signaling heightened trading volume and a potential bearish sentiment.

The total net flow for LINK revealed substantial exchange activity during this period, with aggregated exchanges managing 562.4k LINK and a current total net flow of 562.4k LINK. In the last 24 hours, the net flow increased by 481.63k LINK, while a seven-day analysis showed a rise of 915.31k LINK. Over 30 days, the total net flow surged by 605.24k LINK, reinforcing the likelihood of continued selling and potentially driving its price downward in the short term.

LINK’s price movements from October 2024 to February 2025 exhibited notable volatility. The asset peaked in mid-December 2024 before entering a downtrend marked by strong resistance. Recently, it closed with a dragonfly doji pattern, signaling potential indecision. However, breaking above the $16 resistance level remained crucial for a trend reversal. The influx of 610,000 LINK to exchanges aligned with the ongoing downtrend, resembling mid-January 2025’s drop after a similar high-volume sell-off. The $16 resistance proved a critical barrier, preventing sustainable bullish momentum and increasing the likelihood of further declines unless a breakout occurred.

Further analysis showed that on February 26, the in/out of the money distribution for LINK revealed important insights into holder positions. Addresses in profit accounted for 58.61% of supply, with an average purchase price of $9.84. Out-of-the-money addresses held 270.85m LINK, or 27.08%, averaging a cost of $14.31. The remaining 14.31% of holders were at break-even with an average price of $18.18. With LINK’s press time price at $15.23, a large