Whales Offload 31M LINK as $12.61 Support Becomes Make-or-Break Moment

Chainlink (LINK) has experienced significant whale activity in recent weeks, with large holders offloading 31.05 million tokens amid a broader price decline. According to Ali Charts, the price of LINK dropped from $17.90 at the end of October to $12.61 by November 24, 2025, coinciding with massive token sales by institutional investors. This selling pressure has raised questions about whether another large-scale movement could occur as the asset attempts to recover from its multi-month lows.

The price trajectory of LINK has been marked by volatility, fluctuating between $14.05 and $16.36 in November. Despite brief recoveries, the token has struggled to regain momentum, with Coinglass data highlighting the interplay between inflows and outflows throughout 2025. Early in the year, net flows were highly unstable, with sharp outflows driving the price below $20. However, from late April onward, inflows began to dominate, propelling LINK to a peak above $25 in early August. Since then, the net flow has trended downward, aligning with the token's gradual decline to $13.14 by late November.

Analysts suggest that the recent whale activity reflects strategic distribution rather than panic selling. The 31M token sale corresponds with key price drops, indicating that large holders are capitalizing on market weakness to offload holdings. This pattern mirrors broader trends in the crypto market, where macroeconomic pressures and risk-off sentiment have led to widespread asset liquidation. Yet, historical data shows that LINK has previously rebounded following periods of heavy outflows. For instance, the inflow-driven rally in early 2025 demonstrated the token's resilience when institutional demand outpaced selling pressure.

The current bearish environment complicates predictions about a near-term recovery. While the recent outflows have weakened LINK's short-term outlook, the asset's performance could hinge on renewed inflows or a shift in market sentiment. Coinglass data underscores that net flows remain a critical indicator, with positive momentum historically correlating with price gains. However, the token's ability to stabilize above $12.61 - a key support level - will be a decisive factor in determining whether another large-scale movement is on the horizon.