Chainlink's price has experienced a significant downturn today, primarily due to a broader market sell-off affecting major cryptocurrencies. The CoinDesk 20 index, which tracks the largest tokens by market cap, reported a 3.6% decline, with midcap cryptocurrencies like Chainlink falling as much as 10%. This market-wide downturn has been attributed to a liquidation of $300 million in bullish bets, leading to a cascading effect on prices. Additionally, the recent disruption of a multi-billion crypto money laundering operation by the UK National Crime Agency may have contributed to market jitters, as it highlights the ongoing regulatory challenges facing the crypto industry.
Despite the recent bullish momentum driven by whale accumulation and technical breakouts, Chainlink's price has been unable to sustain its upward trajectory. The cryptocurrency had recently flipped a key resistance level at $22.85 into support, but today's market conditions have pushed it back to this critical level. Analysts had previously noted that a drop below this support could lead to further declines, and today's market dynamics seem to have validated those concerns.
Chainlink's price has fallen by 11.56% today, reaching a low of $23.123295, after hitting a high of $27.260876 earlier in the day.