Chainlink price fell on Boxing Day even as whales put together the largest oracle project in the cryptocurrency industry.

Chainlink (connection) to $22.90, down 12.45% from this week's high and 26% from the year-to-date high.

This decline occurred with the collapse of most digital currencies, with the collapse of Bitcoin (Bitcoin) to $95,000 and the market value of all currencies fell to $3.3 trillion.

As we've covered before, there are signs that whales are persisting Link assembly Token. Data By Atherscan It shows that one whale transferred $1 million worth of coins to a private Coinbase wallet. Another investor made a similar transaction worth $1.3 million, while another transferred $566,000 worth of Kraken coins.

These LINK moves occurred after Donald Trump's World Liberty Financial raised over $1.8 million in Chainlink tokens. More data It shows that the net flow of Chainlink tokens to exchanges has turned negative, which is a sign of further accumulation. The net flow moved to negative 677,000 tokens, the lowest level in weeks.

Chainlink has become one of the most important players in the cryptocurrency industry. It provides its oracle solutions to the largest players in the DeFi industry, such as AAVE and Compound.

Chainlink has also initiated the Cross-Chain Token Standard which simplifies token transfers across blockchains using the Cross-Chain Interoperability Protocol. Leading cryptocurrencies such as Shiba Inu, Turbo, and Neiro are now using CCT.

Chainlink price forms an H&S pattern

The four-hour chart shows that LINK's price peaked at $30.93 this month and then retreated to the current $22.7. It is now slowly forming a head and shoulders pattern, a popular reversal sign whose neckline is at $20.36. The head is at a high this month at $30.93, while the shoulder is around $26.

Chainlink price has also fallen below the 50-period EMA and is pointing down. Therefore, the path of least resistance for the currency is downward, with the next reference level to watch being $20.36. A move below this level could mean it moves to $13.3, which is 41% below the current level. The bearish view will be invalidated if it moves above the right shoulder at $26.