Chainlink Price Forecast Predicts Potential 30% Drop to $15
The Chainlink price is experiencing significant bearish pressure, reflecting the overall market trend. The altcoin's value has declined after briefly reaching $30 in mid-December.
An analyst on the social media platform X predicts that Chainlink could drop to $15 in the near future.
This Chart Pattern Suggests Chainlink Price Could Drop 30%
Crypto analyst Ali Martinez forecasts a potential 30% correction for Chainlink, based on a head and shoulders pattern observed on its 4-hour chart. This technical analysis indicates a trend reversal from bullish to bearish.
A confirmation of this bearish trend requires a price close below the support line (neckline) at approximately $21.30. A further decline beneath the $20 support level may lead to a drop to $15.
Currently, Chainlink is priced at around $21.30, reflecting a decline of over 7% in the past 24 hours and nearly 10% over the last week, according to CoinGecko data.
LINK Investors Continue To Fill Their Bags
Despite recent price declines, Chainlink investors are increasing their positions. On-chain data shows that Chainlink whales have purchased over 2.7 million LINK tokens, valued at approximately $57 million, in the past two days. Continued whale buying activity may positively influence Chainlink's price.
