Chainlink Price Drops 6% Amid U.S.-Iran Tensions, Whales Accumulate

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 3 hours ago

Should l Buy LINK?

Price Decline: Chainlink (LINK) fell 6% to $8.50 on Thursday, primarily due to investor concerns over escalating U.S.-Iran tensions, reflecting the market's sensitivity to macroeconomic uncertainties.
Whale Accumulation Trend: Despite the price drop, whales are withdrawing over 8,000 LINK from Binance daily, indicating their bullish outlook on long-term prospects, which may strengthen the price floor by reducing supply on exchanges.
Exchange Supply Reduction: CryptoQuant data shows the Exchange Supply Ratio for LINK has dropped to 0.127, near monthly lows, indicating sustained accumulation since mid-February, which helps mitigate short-term selling pressure.
Technical Analysis Signals: Chainlink is forming a double-bottom pattern, with technical indicators suggesting increased bullish momentum, and prices are likely to rebound to the March 16 high of $10, although a potential dip to $8 may occur beforehand.

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Technical Analysis for LINK

Technical Sentiment Analysis for Chainlink (LINK). As of , Chainlink (LINK) is exhibiting a Strong sell technical sentiment. Our proprietary analysis, which aggregates 6 technical signals, shows that 0 indicators are flashing buy, while 6 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for LINK stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, LINK is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Chainlink (LINK) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	6.852	7.526	8.152	8.826	9.452	10.126	10.752
Fibonacci	7.526	8.023	8.329	8.826	9.323	9.629	10.126

About LINK

Founded in 2017, Chainlink is a blockchain abstraction layer that enables universally connected smart contracts. Through a decentralized oracle network, Chainlink allows blockchains to securely interact with external data feeds, events and payment methods, providing the critical off-chain information needed by complex smart contracts to become the dominant form of digital agreement.The Chainlink Network is driven by a large open-source community of data providers, node operators, smart contract developers, researchers, security auditors and more. The company focuses on ensuring that decentralized participation is guaranteed for all node operators and users looking to contribute to the network.To learn more about this project, check out our deep dive of Chainlink.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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