Chainlink's LINK token is trading at $7.68, below every major moving average, as aggressive sellers dominate the order flow. The cryptocurrency has lost ground across short-, medium-, and long-term trend indicators, leaving buyers struggling to find a foothold.
Order flow dominated by sellers
At the current price of $7.68, sell orders are consistently overwhelming bids. Traders watching the order book report that aggressive sellers are controlling the pace, pushing the price lower with each wave of selling. The lack of buy-side resistance suggests that near-term momentum remains firmly negative.
Whale positioning leans bullish
Despite the price weakness, data on large holders shows that whale wallets are 70% long on LINK. That means the biggest players in the market are betting on a reversal, even as smaller traders sell into the decline. The contrast between whale conviction and the current price action raises questions about whether the sell-off is driven by retail panic or something more systematic.
Key support at $7.30
Traders are watching the $7.30 level as a critical support zone. A break below that mark could trigger further selling, while a hold might provide a base for a recovery. With LINK already trading below all major moving averages, the $7.30 level is the last line of defense before a potential move into lower territory. The next few sessions will show whether that level holds or gives way.
