Chainlink [LINK] whale sells after $30 rejection – What’s next? – BitRss

• Chainlink saw dormant circulation spikes from long-term holders after the rejection at $30.
• Lack of conviction from the large holders meant the rally was unlikely to continue.

Chainlink [LINK] experienced a “Trump Pump” earlier this month, resulting in a 21% hike in a single day when Trump-affiliated World Liberty Financial (WLF) bought $1 million worth of LINK tokens.

Over the past two weeks, some on-chain metrics indicated increased sell pressure from whales. The price move to $30 was used to secure profits.

Can we expect a Chainlink accumulation above $20 and a renewal of the upward momentum?

Whale transaction spike sparks fear

Toward the end of November, as LINK prices rallied past the $20 mark, the whale transaction count of more than $1 million began to rise.

This increased whale transaction activity persisted throughout the time Chainlink was trading above $22.

Over the past two weeks, it has begun to recede, but there were two major transaction days that were the second and third highest of any day in the past three months.

They occurred on the 20th and the 26th of December.

The latter came when LINK saw its price bounce rejected at $25. This indicated …