Ah, LINEA. It was once riding high like a proud steed, now it’s fallen to $0.025 after an agonizing 9% daily correction. It’s down more than 40% from its high on September 10. While the broader market waits on tenterhooks for a potential Fed rate cut, LINEA has taken a trip straight into the bear’s den.
The wallets have spoken, and they’re saying, “Goodbye!” Smart money, in a panic, has staged an exodus, leaving the remaining titans of wealth to hold up what’s left. Let’s not be coy: this ain’t the same bullish crowd it once was.
The Flight of the Smart Money
The chain data is as stark as a Siberian winter. Smart wallets have slashed their LINEA holdings by nearly 85% in just 24 hours. A staggering 23.9 million tokens, worth nearly $600,000 at $0.025, have disappeared into the ether. Only a paltry 4.37 million remain. This mass flight coincides with the breakdown of a head-and-shoulders formation – a technical pattern that signals a looming downturn. How prophetic. How fortuitous. These investors must have seen the iceberg ahead and, naturally, jumped ship.
But the outflows don’t stop there. Exchange balances have dropped by another 36.4 million LINEA ($910,000 at $0.025). This, of course, typically signals buying pressure. But do we trust it? Oh, if only it were so simple.
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But here’s the kicker: this buying pressure is not universal. The “megawhales” – the top 100 wallets – have gobbled up 157.4 million tokens ($3.9 million). They are the last holdouts, propping up the sinking ship. But will it hold? For how long can they bear the weight?
Is This a Bull, or a Bull-ship?
The Money Flow Index (MFI) has a few things to say about that. It’s been trending downward since September 15, much like your hopes for an early retirement. A rising MFI means strong buying on dips; a falling one means weak demand, or worse, a bunch of folks chasing short-term rallies. Guess which one we’re seeing?
The divergence here is glaring. Despite net outflows from exchanges, the MFI tells a tale of short-term traders flipping the tokens like pancakes. So much for a solid buying base. This is the financial equivalent of a house of cards.
Bearish Patterns to the Rescue!
The technicals tell the same gloomy tale. LINEA’s price has broken down from a head-and-shoulders pattern – the dreaded harbinger of bearish times. The neckline break on September 16 coincided with the flight of the smart money. A match made in heaven, if you’re bearish.
Looking ahead, this breakdown suggests a target of $0.019, a fresh all-time low. If LINEA has any hope of bouncing back, it’ll need to break through $0.029 to lighten the mood. Above $0.033? Now that would be cause for some serious optimism. Until then, we’re left watching the slow-motion crash of a once-promising token.
they’re downward, and they’re steep. Godspeed, you brave few still holding on.
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2025-09-17 20:02