A significant amount of Link has been transferred to exchanges today. After potentially forming a local bottom, these will be sold. You can see what happened previously after such transfers.
A local bottom is formed in the price, Link is transferred during this time, and it is held in exchange wallets ready for sale. Then, sales occur as the price rises.
Looking at the data, we see that 11.8 million Link has been transferred, which is worth $160 million at the current price.
While some will make money on Link, others will lose.
We should be prepared for volatility.
Written by XBTManager