Key Insights:
- SharpLink stock price sits near $9.80 support after a 30% monthly drop.
- Ethereum sales and weak money flow keep pressure high, but a move above $17.06 can open a 70% path.
- Analysts still expect long-term strength, with targets far above current levels, even as high as $35.
SharpLink stock has dropped about 30% this month. The chart now sits very close to its lowest support.
At the same time, the firm is moving a large amount of Ethereum, supposedly for selling.
This has created a pattern where the stock and the crypto part of the company connect in an uncommon way.
Traders are watching this because this pattern can make the stock price go in two very different directions.
Sharplink Stock Is Sitting on Its Main Support
SharpLink sent 10,975 Ethereum to Galaxy Digital’s OTC desk and received $10 million USDC. OTC means big trades done privately. Companies do this when they need fast cash.
This selling happened while the stock moved down toward $9.80, which is the lowest line of its recent triangle pattern. When a stock reaches this line, the market waits to see if it holds.
If the SharpLink stock price closes below $9.80, the next supports are $8.86 and $6.86. These levels match older reaction areas.
Moving into this zone would mean another fall of about 30% from the current price.
There are early signs that selling may be slowing down. The first one is the CMF (Chaikin Money Flow), which shows if money is flowing in or out. It is still below zero, but it is trying to rise.
Then there is the OBV, or On-Balance Volume indicator. It needs to move above 164.67M to show strong demand.
Both indicators say SharpLink still needs more buyers before it can go up again.
The ETH Moves Add a New Dimension
SharpLink still holds more than 800,000 ETH. Selling ETH during a weak Ethereum market can add pressure to the SharpLink stock.
But clearing some coins from the treasury can also help the company plan better for the next market phase.
Many traders look at company wallets now. If a firm sells ETH, some people think it is running low on cash.
But sometimes the company is simply preparing for new plans. In this case, Sharplink received stablecoins, which are used for daily operations.
The ETH-selling move could therefore be a way to generate more liquidity for specific tasks. The crypto market around ETH is also mixed.
One major buyer, BitMine, has been buying ETH. Another major holder, SharpLink, has been selling.
These two forces may cancel each other out. This means SharpLink stock may depend more on its own chart than on Ethereum’s short-term moves.
A 70% Upside Window Still Exists for the SharpLink Stock
Even with the drop, Sharplink has a clear path to move up if the support holds. The first important level is $17.06.
This level matches the 0.236 Fibonacci zone, which traders use as the first recovery step after a big fall.
If SharpLink closes above $17.06, the next target is near $29.00. This area lines up with older supply zones. The move from the current price to $29 would be close to 70%.
Analysts also expect higher prices. The 1-year analyst target sits at $35.25, which is more than 250% above today’s level.
Three out of four analysts rate the stock a Strong Buy. This shows the long-term view is still positive even though the short-term chart is weak.
SharpLink stock now sits at a simple point. If it loses $9.80, the stock can fall deeper. But if it holds this line and later breaks $17.06, it can start a strong move toward the 70% zone.
The large ETH transfers do not change the basic idea. They only add a new angle in a market where stocks and crypto now move together, for the most part.