Chainlink Whale Secures $12 Million Profit Amid Market Correction

A major Chainlink whale has recently realized significant profits, marking a notable shift in market behavior as the price of Chainlink (LINK) corrects from its recent highs. The wallet, identified as 0x7fBB, moved a substantial amount of LINK tokens to exchanges after holding them for over a year. This move comes as LINK continues to trade above critical support levels, despite experiencing a dip in its daily and weekly performance.

According to data, the whale withdrew 1.75 million LINK tokens from Kraken between March 2023 and March 2024. These tokens were acquired at an average price of $7.03 and held for more than a year. Beginning on May 27, the wallet sent 403,000 LINK to Binance, valued at $5.87 million at the time of transfer. Despite the recent correction in LINK's price, the whale has already secured a $12 million profit. At its peak, the profit from this holding surpassed $39 million, indicating a strategic exit timed with market cycles.

Market analysts note both price resilience and increased selling activity, reflecting a balanced tug-of-war between bulls and profit-takers. These movements come amid mixed sentiment around LINK’s trajectory and Chainlink’s broader role in the crypto ecosystem. The selling trend aligns with a 3.4% daily price decline after the whale’s deposits to Binance, often preceding short-term volatility, especially when large holders liquidate.

Crypto analysts reported that LINK is still respecting a key trendline that has held since June 2023. The token recently bounced off that level, signaling continued strength from buyers. This behavior suggests traders remain committed to defending important price zones. If this trend continues, bullish targets around $31 remain plausible, according to technical charts. Momentum near these support areas could shape LINK’s near-term outlook, especially if market sentiment improves.

Online discussions show a split in sentiment. Some users highlight whale selling as a sign of caution, while others point to growing social dominance. Historically, rising social activity has preceded rallies, although Chainlink’s limited node participation still raises questions about decentralization. Critics suggest this structural limitation could affect long-term confidence. Still, LINK’s continued price defense and whale exits point to a shifting market phase.