Whales Buy 1.1M LINK Amidst 10% Price Drop; Bearish Outlook Confirmed

Despite recent price declines, LINK, the native token of Chainlink, continues to attract the attention of investors and whales. On February 18, 2025, a prominent crypto expert revealed that whales have purchased over 1.10 million LINK tokens in the past 24 hours, despite a notable price drop of over 10% during the same period. The asset is currently trading near $17.50, with trading volume jumping by 20%, indicating heightened participation from traders and investors.

Following this price drop, LINK is poised for further decline, as it has confirmed its bearish outlook. The token broke below its crucial support level of $20 at the beginning of February 2025 and has since been consolidating in a tight range beneath that level. Today's price drop has breached the consolidation zone, opening the path for further downside. Additionally, LINK has fallen below the 200 Exponential Moving Average (EMA) on the daily timeframe, confirming that the asset is now in a downtrend.

Expert analysis suggests that if LINK closes a daily candle below the $17.45 level, there is a strong possibility that the asset could decline by 15% to reach the $14.75 level in the near future. Short sellers have taken control, with traders betting on the short side increasing their open positions, believing that the price won't rally anytime soon. At press time, traders holding long positions are over-leveraged at $17.33, with nearly $1 million worth of long positions. On the other hand, $18.56 is another key level where traders holding short positions are over-leveraged, having accumulated nearly $10 million in short positions. Short sellers believe LINK's price won't surpass the $18.56 level.