Chainlink Experiences 40% Price Drop Amid Bearish Market Trends
Chainlink (LINK) has faced a bearish trend over the past month, with its price declining below key support levels. Analysts are evaluating the potential for a rebound based on recent network activity.
Analyst Outlook On Chainlink
Crypto analyst Ali reported a nearly 40% drop in LINK's price in the last month and noted a loss of 16% in the MVRV ratio, indicating possible selling exhaustion.
- Whale accumulation has increased, with over $20 million in LINK purchased in the last 24 hours.
- A break above $19 is needed for LINK to target $23.70; failure to hold near $15.50 may lead to further declines.
Projections For LINK
Analyst Crypto Elite suggested that the downtrend since 2021 has been broken, laying groundwork for potential gains. He proposed ambitious targets:
- $53
- $100
- $144
The upcoming weeks are crucial for LINK to maintain support levels and attract continued whale interest.
