Chainlink (LINK) is experiencing downward pressure after a significant whale transaction involving the sale of 700,000 LINK tokens, valued at $15.52 million. This sale resulted in a $2.76 million loss and has contributed to a negative Buy-Sell Delta, indicating ongoing selling pressure. On-chain metrics reveal a decline in active addresses and transaction counts, suggesting reduced network engagement. Additionally, exchange netflow has turned positive, indicating increased movement of LINK tokens to exchanges for potential sale. Retail investors have also been selling, with a negative Buy-Sell Delta persisting for seven consecutive days. If the selling trend continues, LINK's price could potentially fall further toward $20.3.