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Chainlink (LINK) price has stagnated since breaking above the $20 mark on Feb. 10, as on-chain data trends suggest that whale investors booking profits could trigger a pullback.&nbsp; 
Chainlink price has been on an uptrend in recent months thanks to the <a href="https://crypto.news/price/chainlink/" target="_blank" rel="noreferrer noopener">LINK</a> token’s systemic importance to the burgeoning asset tokenization and Real World Assets (<a href="https://crypto.news/defi-is-changing-lives-with-real-world-assets-leading-the-charge/" data-type="post" data-id="14059213" target="_blank" rel="noreferrer noopener">RWA</a>) sectors. 
An unusually rapid selling trend spotted among whale investors holding LINK threatens to scuttle the rally.&nbsp; 
<h2 class="wp-block-heading" id="whale-investors-offloaded-7-million-link-tokens-in-last-10-days">Whale investors offloaded 7 million LINK tokens in last 10 days&nbsp;</h2> 
<a href="https://crypto.news/link-price-soared-16-after-larry-fink-comments-on-asset-tokenization/" target="_blank" rel="noreferrer noopener">Institutional interest</a> in the asset tokenization wave has heightened since the Bitcoin <a href="https://crypto.news/spot-bitcoin-etfs-show-strong-performance-approval/" data-type="post" data-id="14237923" target="_blank" rel="noreferrer noopener">spot ETF approval</a> in mid-January gave the cryptocurrency sector an air of legitimacy. By providing off-chain price feeds to blockchain protocols, Chainlink is at the center of the growing Real World Asset sector.&nbsp; 
Between Feb. 1 and Feb. 12, Chanlink’s price increased by 35%, breaking the $20 barrier for the first time since January 2022. However, many major stakeholders have held at a loss of nearly 24 months, and many appear to have started taking profits in the past week. 
The Santiment chart illustrates the real-time changes in LINK token balances held by the largest investors within the Chainlink ecosystem. It shows that the top 100 largest Chainlink whale wallets have been on a selling spree since the LINK price crossed $18 on Feb. 3. 
Between Feb. 3 and press time on Feb. 12, the Chainlink whales have offloaded 6.9 million tokens, cutting balances from 712.7 to 705.8 million LINK.&nbsp; 
<figure class="wp-block-image">
 <img loading="lazy" decoding="async" width="1600" height="723" src="https://crypto.news/app/uploads/2024/02/image-20.png" alt="Chainlink (LINK) Balances Held by Top 100 Whales Balances vs. Price" class="wp-image-14247727">
 <figcaption class="wp-element-caption">
 Chainlink (LINK) Balances Held by Top 100 Whales Balances vs. Price | Source: <a href="https://embed.santiment.net/chart?ps=chainlink&amp;pt=LINK&amp;df=2024-01-10T00%3A00%3A00.000Z&amp;dt=2024-02-12T22%3A59%3A59.271Z&amp;emcg=1&amp;wm=amount_in_top_holders%3Bprice_usd&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%2326C953&amp;ws=%7B%22holdersCount%22%3A100%2C%22node%22%3A%22filledLine%22%7D%3B%7B%22interval%22%3A%221d%22%7D" target="_blank" rel="noreferrer noopener">Santiment&nbsp;</a>
 </figcaption>
</figure> 
Valued at the 10-day Simple Moving Average (SMA) price of $18.9 per token, the recently offloaded 6.9 million LINK is worth $130.4 million. When whales make such a large sell-off within a short period, it puts the price rally at risk.&nbsp; 
Firstly, such a high-volume sell-off dilutes market supply, making it harder for the prices to swing upward in the short term.&nbsp; 
Secondly, if the largest stakeholders within an ecosystem enter a prolonged sell-off, it could also spook retail investors or trigger copy-trading bots into entering bearish positions. These critical factors could combine to trigger a short-term Chainlink price pull-back.&nbsp; 
<h2 class="wp-block-heading" id="forecast-can-chainlink-price-stay-above-20">Forecast: Can Chainlink price stay above $20?&nbsp;</h2> 
Based on the on-chain data trends analyzed, Chainlink holders can expect a price downswing below the $20 support if the whales’ sell-off does not abate in the coming days.&nbsp; 
However, considering the growing asset tokenization buzz and the bullish headwinds from Bitcoin (<a href="https://crypto.news/price/bitcoin/">BTC</a>) breaking above $50,000 on Feb. 12, LINK price could find a relatively high support level around $16. 
IntoTheBlock’s global in/out of the money chart further affirms this outlook. It shows that 63,270 addresses had acquired 147.2 million LINK at an average price of $16.30.&nbsp; 
If the critical $16 support level fails to hold, the LINK price could be at risk of a downswing below $15. 
<figure class="wp-block-image">
 <img loading="lazy" decoding="async" width="1600" height="571" src="https://crypto.news/app/uploads/2024/02/image-21.png" alt="Chainlink (LINK) Price Forecast, February 2024 " class="wp-image-14247728">
 <figcaption class="wp-element-caption">
 Chainlink (LINK) Price Forecast, February 2024 | Source: <a href="https://app.intotheblock.com/coin/LINK/deep-dive?group=financials&amp;chart=inAndOut" target="_blank" rel="noreferrer noopener">IntoTheBlock</a>
 </figcaption>
</figure> 
The bulls still stand a chance of staging a rally toward $25, especially if the whales can curtail their ongoing selling trend.&nbsp; 
But in this scenario, the bears could mount an initial sell-wall around the $24 territory. In that territory, 74,160 addresses bought 34.1 million LINK at the average price of $24.3. If they opt to exit early, LINK price could enter another pullback.

Chainlink whales enter $130m profit-taking spree; will LINK price react?

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