Major cryptocurrency Chainlink (LINK) has seen a significant sell-off by large investors, known as whales, resulting in a sharp drop of its price. Data shows that these wallets have reduced their holdings significantly over the past few weeks, with a notable outflow observed between November 12 and 21. This movement, often indicative of broader market trends, suggests a bearish momentum for LINK unless the price rebounds above the $15 level. 100,000 to 1,000,000 LINK-holding wallets dropped their holdings by a massive 31 million tokens in the past three weeks. This decline coincides with a period of increased selling activity on exchanges around November 15-20, which often precede price drops. The recent sell-off has pushed LINK’s price down to $12.40 after plummeting from above $18.50 earlier this month. Further analysis suggests that this drop is due to a breakdown of the established support level near $12.50, leaving the token vulnerable to further declines.