On-chain data showed Chainlink [LINK] continued to spend extended periods at a loss, echoing conditions seen near prior cycle peaks. Whales aggressively buy LINK below $12Whales had been circling LINK like vultures. At the same time, price lost the 50% and 61% Fibonacci Retracement levels near $12.99–$13 and $12–$12.50. Unless it reclaimed the 61% and 50% levels, the market appeared to be in serious trouble. LINK forms a bearish head and shoulders patternOn the daily timeframe, LINK printed a clear bearish head and shoulders pattern.