TL;DR
- Chainlink and Cardano whales have begun offloading substantial portions of their assets in the past few weeks.
- Although both altcoins are slightly in the green on a daily scale, their weekly and monthly performances are quite concerning.
Large market participants, commonly referred to as whales, play a significant role in the cryptocurrency ecosystem. Their trading behavior can greatly influence market prices; for instance, substantial purchases often lead to price increases, while sell-offs can cause significant downturns.
In recent months, both Chainlink (LINK) and Cardano (ADA) whales engaged in aggressive accumulation following the U.S. elections in early November. Their investments propelled LINK above $30 for the first time in over three years and pushed ADA’s price to over $1.3.
However, after reaching those multi-year highs in December, both cryptocurrencies have faced a sharp decline. As of now, ADA has decreased by approximately 50%, currently trading at around $0.66, while LINK has seen a 57% slump, now valued at about $13.
This downturn appears to correlate with the recent actions of these whales. Notably, over the past month, LINK whales have sold off more than 170 million tokens, which amounts to a staggering USD value of $2.2 billion.
Whales sold over 170 million #Chainlink $LINK in the last three weeks! pic.twitter.com/r8FnAlOuMS
— Ali (@ali_charts) April 4, 2025
Ali Martinez, a well-known analyst with a substantial following, has pointed out that LINK has broken a ‘crucial trendline’ that supported its price for nearly two years.
Similarly, the situation for Cardano is not promising. After a sell-off in March, ADA whales disposed of an additional 120 million tokens valued at around $80 million in just two days at the beginning of April.
Whales sold 120 million #Cardano $ADA in the last 48 hours! pic.twitter.com/U5sTa699tB
— Ali (@ali_charts) April 3, 2025
In conclusion, both Cardano and Chainlink find themselves in a precarious situation fueled by the actions of their whale investors. The immediate future for both assets appears uncertain, and ongoing monitoring of whale behavior will be crucial for predicting potential market shifts.
