An infamous crypto whale known for triggering a $4 Million loss for Hyperliquid is betting heavily on the leveraged direction of Chainlink (LINK).

The trader, famous for assumptive positions on ETH, BTC, HYPE and YGG, swapped focus on LINK and bet $2.875 Million USDC into Hyperliquid for a leveraged long.

The Whale’s $2.875M Bet on Chainlink

According to Blockchain data, the trader opened a 10x long position on LINK and is exposed to nearly $29 Million.

Within 45 minutes, this amount was deposited as a decisive bet on the price increase. 

It comprised trades that used ETH, BTC, HYPE, and YGG swings. The trader has gained just around $16.4 Million since February 7.

Previously, this whale also made headlines when it cost a growing perpetual futures exchange, Hyperliquid, $4 Million.

The trader caused the platform to lose money by executing extremely leveraged ETH trades, which forced liquidity imbalance.

The latest Chainlink (LINK) position is concerning, given that it has a track record of creating market impact when price volatility spikes.

Past trades indicate that liquidations and wild swings often accompany the whale’s movements.

The 10x leveraged long call will probably get liquidated if the LINK price cannot continue upward.

This may bring along the liquidations of other positions, particularly long positions.

LINK Price Support Levels and Outlook

Soon after the Whale news update, Chainlink gained 5.19% to trade at $14.07.

The crypto has since lost by 3.46% in a day and was trading at 13.56 at the time of writing.

That said, looking at the long-term picture, and viewing daily charts, we can see the asset has made a strong recovery. It climbed back up from recent lows of the $12.99 mark.

Looking at the mid-term trends, LINK is yet in a bearish structure as it hovers around the 50-day (. . . 100-day exponential moving averages (EMA) at $17.34 and $18.31, respectively).

Chainlink (LINK) is forming support levels at the $13.25–$13.50 region, where it failed to make a comeback.

If the price does not hold above $14.00, then a retest of these lower levels may follow.

On the plus side, the resistance is likely to be $15.50, the level that functioned previously as the pivot before the late February selloff.

The standard deviation (STDEV) is at 1.38. This indicates that market volatility has been moderate.

Although LINK has mooned, extreme price swings have not been witnessed.

Despite the whale’s aggressive position, Chainlink (LINK) perpetual contracts are currently on a neutral funding rate.

It implies a balanced sentiment between long and short positions.

Historically, prominent levered positions tend to move prices sharply when approaching liquidation thresholds.

If LINK fell below $13.50, a more dramatic case of volatility could occur, including further LINK liquidations.

The post Chainlink Price Update After Infamous Whale Bets Big On LINK appeared first on The Coin Republic.