Why is LINK still in trouble despite the frequent appearance of whales?
As a bridge connecting smart contracts and the real world, LINK should be shining, but its price has been trapped in the fog recently, and it is difficult to break free from the shackles of a month-long decline. This makes people wonder what force is secretly stifling the soaring of LINK, a potential giant?
Despite the strong intervention of whales in the market, LINK does not seem to have achieved the expected leap. In just one week, whales swallowed 6.2 million LINK, with a value of nearly 76.88 million US dollars. This purchasing power, which should have set off a huge wave, only made the price of LINK hover around $10, as if it was firmly bound by an invisible hand.
Looking at the entire crypto market, LINK's recovery pace seems particularly slow, and this month it has fallen by 38%, ranking among the slowest recovery trains. Since hitting a record high of $52.88 in May 2021, LINK seems to have been cast under a spell, and repeated attempts to reach higher have failed, with the highest reaching only a brief glory of $48.84. Even the spring breeze of the bull market in March this year failed to blow away the haze over LINK's head.
In-depth analysis of the current market, the pressure faced by LINK is not from a single source. In the previous asset sell-off, mainstream currencies such as BTC were the first to bear the brunt, and LINK was not spared. Market sentiment is therefore shrouded in fear, and even occasional rebounds are difficult to sustain.
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