Chainlink (LINK) Price: Will the Support Line Hold After Whale’s $4.59M Dump?

TLDR

• Chainlink (LINK) reached a critical 644-day support trend line after falling from its $30.95 December high to $11.87 in March 2025
• A Chainlink whale sold 356,665 LINK coins ($4.59 million) on March 13, sparking investor concerns
• Technical indicators show mixed signals with bearish weekly trends but potential short-term bounce indicated on daily charts
• LINK price has shown resilience with a 2% gain despite the whale selloff, closing at $13.15
• CEO Sergey Nazarov was a featured speaker at the first White House crypto summit, discussing stablecoins and regulatory clarity

Chainlink (LINK)’s price has declined to test a long-term support trend line that has been in place for 644 days.

The cryptocurrency fell from its December 2024 cycle high of $30.95 to a 2025 low of $11.87 on March 11, invalidating its previous breakout above the $22.50 resistance level.

Adding to market concerns, a Chainlink whale made headlines by selling 356,665 LINK tokens worth approximately $4.59 million on March 13. The sale occurred at an average price of $12.88, according to on-chain data shared by Onchain Lens.

In the past 48 hours, a whale has sold 356,665 $LINK for $4.59M $USDC at an average price of $12.88.

Currently, the wallet holds 7,693 $LINK worth $101,533.

Address: 0xc6f7fc2735ef7eb0db201dd103f2f2e6cbcfe187 pic.twitter.com/dlIAJPy7TL

— Onchain Lens (@OnchainLens) March 13, 2025

Despite these pressures, LINK has shown some resilience. The price recovered slightly with a 2% gain in the past 24 hours, closing at $13.15 as the broader crypto market eased following cooler U.S. inflation data.

The technical picture for Chainlink presents mixed signals. On the weekly timeframe, indicators are largely bearish. Both the Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) are trending downward.

Chainlink
LINK Price

The RSI has fallen below the 50 level. The MACD has formed a bearish cross. These signals typically point to continued downward momentum in the weeks ahead.

Wave analysis also suggests a bearish outlook. The recent price action forms what appears to be an A-B-C structure, indicating the previous rise was likely a relief rally. This pattern often precedes further downward movement.

However, the daily chart offers some hope for LINK investors. The price decline has been contained within a descending parallel channel. Such patterns often lead to eventual breakouts.

Currently, Chainlink is trading near the support line of this channel. Both the daily RSI and MACD are showing bullish divergences, which frequently precede upward price movements.

If LINK does bounce from current levels, the first resistance would be at the channel’s midline around $16.30. The second resistance level sits at the channel’s upper boundary near $20.50.

The whale that sold the large amount of LINK still maintains a position of 7,693 tokens. This suggests the seller hasn’t completely lost faith in the asset despite the large liquidation.

Market Analyts

Market analyst “Bitcoin Buddha” expressed optimism about Chainlink’s prospects. The analyst noted that LINK “seems to be recovering after testing support near $12” and suggested this could pave the way for further gains if the recovery continues.

$LINK seems to be recovering after testing support.

I'm optimistic about the possibility of a new all-time high in this cycle.

LFG @chainlink

DYOR – NAFA pic.twitter.com/xiB9V70LVj

— Bitcoin Buddha (@Bitcoin_Buddah) March 12, 2025

Another analyst indicated that a future price target of $45 remains possible if Chainlink maintains key support between $6 and $9. This would represent a new all-time high for the token.

Sergey Speaks

On the fundamental side, Chainlink received positive attention when CEO Sergey Nazarov spoke at the first-ever White House crypto summit. He discussed the growing importance of stablecoins and the need for regulatory clarity in decentralized finance.

Nazarov emphasized that Chainlink uniquely supports these objectives. He followed this appearance by delivering a keynote speech at the Ondo Finance Summit on March 10.

The current price action leaves Chainlink at a critical juncture. A breakdown below the long-term support trend line would confirm a bearish trend has begun. However, a bounce and breakout above the descending channel could invalidate this bearish outlook.

Traders and investors are closely monitoring LINK’s price movements in relation to broader market trends. The next few days may prove decisive for Chainlink’s medium-term direction.

The short-term price behavior will likely be influenced by whether the token can hold above the long-term support trend line that has defined its bull run since June 2023.