Chainlink Price Drops 7% as Whale Transactions Decline Significantly
Bitcoin's price fell below $95.5k, impacting altcoins including Chainlink (LINK), which dropped over 7% to approximately $16.29.
Key points:
- Chainlink's fully diluted valuation is around $16.3 billion.
- Average trading volume in the last 24 hours was about $544 million.
- LINK retested a support level at $16, aligning with the 0.618 Fibonacci Retracement.
- If this support fails, LINK could decline to the $13-$15 range.
- A bullish reversal may occur if LINK closes above $26, potentially pushing towards its all-time high of $53.
Recent on-chain data indicates a sharp decline in large transactions over $100k for LINK, dropping from 322 to about 103 within a week, totaling a decrease of $484 million in transaction value.
Despite market challenges, Chainlink continues to develop. It remains backed by numerous institutional investors and is utilized in various DeFi projects. Etherisc has adopted Chainlink Functions for parametric crop insurance, benefiting farmers in Kenya.
According to Santiment, Chainlink ranks second in overall development activity among cryptocurrencies over the past month, indicating robust engagement from developers.