Chainlink Price Drops Amid Large Binance Transfer

The cryptocurrency market has seen another significant development, with the Chainlink (LINK) price experiencing a 5% drop in the last 24 hours.

This decline in value comes after a major transfer of 14 million LINK tokens valued at $125 million to the Binance exchange from a single anonymous address. According to on-chain data, this incoming supply far exceeded a recent buyback of nearly 3 million Chainlink carried out by the project team.

The large token transfer has triggered selling pressure in the market, overshadowing positive signals of steady long-term accumulation by whales with more than one million LINK each.

Chainlink's price is expected to follow a descending trendline until a clear breakout happens. The major support level near $7.96 and a resistance level around $9.02 based on historical data may influence the Chainlink price movement in the coming days.