Despite a recent price drop, there has been significant buying activity from crypto whales in Chainlink's native token, LINK. The token has experienced a notable price drop of over 10% and is currently trading near $17.50. However, its trading volume has increased by 20%, suggesting increased participation from traders and investors. Analysis suggests that the LINK token is poised for further decline, with a possibility of a 15% drop if it closes below the $17.45 level. Traders betting on the short side have increased their open positions, while those holding short positions are over-leveraged at the $18.56 level. This combination of on-chain metrics and technical analysis suggests that bears have taken control and that the price could soon drop significantly.



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