A bearish flag pattern has emerged on the $ILV/USDT 4-hour chart, signaling potential downward pressure.

On-chain data reveals that the wallet luggis.eth recently withdrew 70,764 $ILV (worth approximately $2.86 million) from Illuvium. Shortly after, 40,000 $ILV ($1.54 million) were sold just 45 minutes ago, triggering a sharp 7.8% drop in the token’s price.

This isn’t the first time luggis.eth has influenced the market with a large sell-off. On June 22, a similar sale of 40,730 $ILV ($2.91 million) caused the token’s price to plummet by 5.6% instantly. These repeated sell-offs have left a noticeable mark on $ILV’s price trajectory, contributing to increased volatility in the market.

Despite Recent Sell Off, He Still Holds 221,046 $ILV

Despite the recent sale, luggis.eth still holds a significant amount of $ILV—221,046 tokens, valued at approximately $8.25 million. The market is now closely watching this whale’s movements, as each sale seems to drive a substantial price drop, creating anxiety among traders and investors.

With $ILV currently facing bearish technical patterns and the possibility of further sell pressure from large holders like luggis.eth, the outlook for the token remains uncertain. Investors may want to keep a close eye on both the on-chain activity and technical indicators for signs of further market shifts in the short term.

The potential for more selling from this whale, combined with the bearish flag formation, is raising concerns about further downward pressure on the price of $ILV.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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