Although the first four months haven’t gone as many expected, there is a belief that a crypto market rally is close. That could be the case for Chainlink (LINK), as whale activity around the asset has surged by triple-digit percentages. Indeed, according to on-chain data, LINK has seen a 299% surge in whale moves over the last 24 hours, with the rest of the crypto market falling.
According to IntoTheBlock data, Chainlink’s large transaction volume, which indicates whale activity, increased by 299% in the last 24 hours, reaching 6.71 million LINK, or $101.4 million. This comes as leading coins like BTC and ETH were down on Friday. Chainlink had a rough week, falling 11% in the past seven days. The recent moves, hence, could be a mix of panic selling or swooping up the asset at a low price. The latter could give LINK a much-needed rebound heading into the weekend.
A combination of macroeconomic uncertainty, profit-taking, and crypto whale liquidations led to a $703 million liquidation in the crypto market over the last 24 hours. High-leverage traders were struck, with longs accounting for the majority of liquidations at $640 million. Meanwhile, shorts are coming in at $64 million. Next Friday’s US inflation data will likely trigger the next move in the crypto market for better or worse.
Also Read: Chainlink (LINK) Shows Strength, Buyers Target $16 Resistance
LINK’s Next Move
Chainlink LINK recently hit $16 thanks to heightened weekly exchange outflows worth approximately $11.27 million. Last week, the crypto industry saw Bitcoin experience a game-changing surge that could ignite a shifting sentiment for the industry. Indeed, the asset reached a new all-time high of $111,000 before retreating to close the week. That is a driving reason behind bulls grabbing hold of LINK’s momentum. However, the market correction this past week has slowed that momentum. Now, the Chainlink cryptocurrency sits below $15.
Traders are eyeing key levels on the LINK/USDT charts for where Chainlink could go next. LINK currently faces resistance in 2025 at $20, a level where sellers have stepped in before. A push past that could send LINK toward a $25–$26 area. Beyond lies a mid-term target of $28–$30, matching late-2024 highs. Alternatively, the longer LINK stalls at $15 or below, the higher the chance the asset could fall further in June.