Chainlink Price Prediction: LINK Whale Moves $5.8M, Raising Selling Pressure

Chainlink (LINK) price has attracted attention recently following recent on-chain activity from whale 0x7fBB.

Since May 27, 2025, the whale put 403,000 LINK tokens into Binance, costing about $5.87 million. This has caused many to worry that a big sell-off by the investor could place pressure on the market.

Recent whale activity lines up with both technical analysis and Elliott Wave theory, which suggests a possible Chainlink price decline. As analysts and traders are watching these movements, the top altcoin remains a main focus in the markets.

Whale Activity Raises Chainlink Price Selling Pressure

According to data from Lookonchain, Chainlink Whale 0x7fBB has been offloading a significant portion of their LINK holdings.

This whale withdrew 1.75 million LINK from Kraken between March 2023 and March 2024, purchasing at an average price of $7.03 per token.

As Chainlink price increased over the past year, this whale has started to sell off some of his holdings.

The 403,000 LINK tokens deposited into Binance since May 27, 2025, represent a potential signal for short-term selling pressure.

When big holders sell their LINK tokens all at once, it may lead to brief swings in the price of the cryptocurrency.

More so, as a result of all this activity, LINK trading volumes on major exchanges rose by 20% to more than $290 million on June 5, 2025.

However, Chainlink price was affected by the selling pressure, dropping over 10% in the last seven days.

Chainlink’s Technical Analysis: A Bearish Continuation

From a technical standpoint, Chainlink price remained below critical resistance levels, which further supports the bearish outlook.

According to the Elliott Wave analysis by “man of bitcoin,” LINK price is currently undergoing a corrective phase.

Chainlink price looks to be in wave-(5) C of ii according to the Elliott Wave analysis and more weakness is possible. Notably, LINK’s resistance is at $14.74 so far, preventing the price from going to a higher level.

Until the top altcoin price breaks through this level, bears are still in charge and the bearish continuation remains uninterrupted.

Elliott Wave theory suggests that corrections usually push the market down further, and LINK is in this kind of phase at the moment. Failing to overcome $14.74 strengthens the belief that the Chainlink price could see further declines amid the bearish trend.

LINK Price On-Chain and Technical Analysis

The movements by whales on crypto exchanges suggest that the selling force is growing, backing up the warning signs in Chainlink price.

The recent move by the crypto whale on Binance has happened as LINK price tests significant support and resistance levels.

Adding to the Chainlink (LINK) price bearish trend, MACD signals predict a decrease in bullish momentum. The MACD line was still below the signal line, which means the bears are leading.

The short-term weakness compared to the longer-term trend supports the possibility of prices going down in the future.

Also, the MACD histogram is quickly turning red, indicating that sellers are gaining power in the market. This indicates that the downward trend could last until a change happens in the upcoming market sessions.

At the same time, the Bull Bear Power (BBP) indicator supports the idea that the market remains bearish. The BBP value of -0.2737 signals that bears are still leading the market.

The indicator subtracts the 13-period EMA from the greatest price of the bars in the group.

Since values are negative and have persisted in this range for several sessions, BBP suggests that sellers are consistently overpowering buyers.

According to short-term traders, the key support is at $13.50 and the key resistance is at $15.20. Over the last 24 hours, the leading altcoin fell by 4% and was selling at $13.

Chainlink price reached its intraday maximum of $14 before coming under sellers’ pressure all day.

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