Chainlink Tests Key Support Level as Analysts Predict Possible 15% Drop
Chainlink (LINK) is experiencing a critical phase as it retests support levels amidst market volatility.
Key Developments
- LINK dropped 10% to local lows after hitting $27.87, failing to maintain this level.
- The cryptocurrency declined below the $25 support, reaching approximately $23.5.
- If LINK holds above $23.5, analysts maintain a bullish outlook despite recent drops.
- SBI Group partnered with Chainlink to enhance institutional adoption of digital assets, focusing on tokenization and operational efficiency.
- Analysts suggest LINK may dip to around $20 before potential breakout, targeting a 280% increase in the longer term.
- Current trading price for LINK is $23.52, reflecting an 8.5% weekly decrease.
Analysts emphasize the importance of stability at the $23.86 level for future rally potential. Failure to reclaim this could lead to further declines toward the $19.41 mark.
