TLDR

• Chainlink (LINK) price has declined to a critical 644-day support level after falling from $30.95 in December to $11.87 in March 2025
• A major whale sold 356,665 LINK coins worth $4.59 million on March 13, yet the price showed resilience with a 2% gain
• Technical analysis shows bearish weekly indicators but potential for a short-term bounce on daily charts
• Chainlink CEO Sergey Nazarov recently participated in the first White House crypto summit as a key speaker
• Analysts remain divided, with some seeing potential for a recovery to $45 if key support levels hold

Chainlink’s price tests a long-standing support level. The digital asset has been on a downward path since reaching $30.95 in December 2024. It hit a yearly low of $11.87 on March 11, 2025.

This decline has brought LINK to a crucial support trend line. This support has held for 644 days, dating back to June 2023. Many market watchers view this as a make-or-break moment for the token.

On-chain data revealed a large holder made a major move on March 13. A wallet address identified as ‘0xc6f7f’ sold 356,665 LINK tokens. The sale converted the tokens to $4.59 million USDC at an average price of $12.88.

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 this large sell order, Chainlink has displayed unexpected strength. The token gained 2% in the 24 hours following the whale’s exit. It closed at $13.15 and traded between $12.82 and $13.77 during this period.

The broader crypto market showed signs of relief after the latest U.S. inflation data pointed to cooling price pressures. This may have helped LINK maintain its footing even in the face of the whale’s exit.

Looking at the technical picture, weekly charts present causes for concern. The token failed to hold above the key $22.50 resistance area after briefly breaking out in late 2024. This failed breakout often signals further weakness ahead.

Technical indicators on the weekly timeframe back this bearish view. The Relative Strength Index has dropped below 50. The Moving Average Convergence Divergence shows a bearish cross. Both suggest downward momentum remains in control.

Wave analysis adds to the bearish case. The recent price structure forms what appears to be an A-B-C pattern. This typically means the rise was merely a correction within a larger downtrend rather than the start of a new uptrend.

However, daily charts offer a more hopeful outlook. LINK’s decline has formed a descending parallel channel. Such patterns frequently end with upward breakouts. The token now sits at the lower boundary of this channel.

Further supporting a potential bounce, both the daily RSI and MACD display bullish divergences. These occur when price makes lower lows while indicators form higher lows. Such divergences often precede price reversals.

If a bounce does materialize, traders will watch the $16.30 level first. This marks the midline of the current channel. Beyond that, the channel’s upper boundary near $20.50 would become the next target.

Not all analysts view the recent whale activity as negative. Some point out that the seller maintained a position of 7,693 LINK tokens. This suggests they haven’t completely lost faith in the project despite taking profits.

Market analyst “Bitcoin Buddha” expressed optimism about Chainlink’s future. In a social media post, they noted LINK “seems to be recovering after testing support near $12.” They suggested this recovery could lead to new all-time highs if sustained.

$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 bullish case comes from technical analysts who identified a bullish engulfing pattern on weekly charts. This candlestick formation often indicates strong buying pressure has entered the market.

Some forecasts remain highly optimistic. One report suggested a price target of $45 remains possible as long as Chainlink holds support between $6 and $9. This would represent a new record high for the token.

On the fundamental side, Chainlink received a boost from CEO Sergey Nazarov’s recent activities. Nazarov was one of the featured speakers at the first-ever White House crypto summit. He discussed stablecoins and regulatory clarity for decentralized finance.

During his talk, Nazarov emphasized how Chainlink supports these objectives. He followed this high-profile appearance with a keynote speech at the Ondo Finance Summit on March 10. These events have kept Chainlink in the spotlight despite price challenges.

The coming days will likely prove decisive for LINK’s price direction. A breakdown below the long-term support trend line would confirm a bearish outlook. However, a strong bounce could invalidate this scenario and set up a recovery.

Traders are closely watching these key levels. The 644-day support trend line represents the last major defense before potentially steeper declines. A successful defense here could reignite buying interest in the token.