Chainlink Price Creates Bearish Double Top as Whales Offload, Facing Over 50% Drop Risk

Price Decline: Chainlink (LINK) has experienced a 16% drop over the past month and is down nearly 55% from its year-to-date high, currently trading at $12.49 with a market cap of $8.84 billion.

Bearish Patterns: A bearish double top pattern has formed on the weekly chart, indicating potential further declines, with key support at the $11.08 neckline that, if breached, could lead to prices dropping to $8 or even $5.

Whale Activity: Significant whale selling has been observed, with a 2% decrease in tokens held by whales and a 2.7% increase in LINK tokens on exchanges, suggesting increased selling pressure.

DeFi Usage Decline: The total value locked in Chainlink-based DeFi applications has fallen from over $1.13 billion to around $545 million, reflecting a slowdown in demand and usage of Chainlink's services.