Chainlink's price has been under pressure today, driven by a combination of market-wide cryptocurrency declines and specific technical factors. The broader crypto market has seen significant losses, with Bitcoin and other major cryptocurrencies experiencing downturns. This has contributed to Chainlink's downward trajectory. Additionally, technical analysis indicates that Chainlink has breached a key support level, shifting market sentiment towards the bearish side. The TD Sequential indicator, however, has flashed a buy signal, suggesting a potential rebound if the $26.8 support holds.
Despite the current price decline, there is notable interest from crypto whales and long-term holders. On-chain metrics reveal a significant outflow of $75 million worth of LINK from exchanges to wallets, indicating accumulation by long-term holders. This suggests that some investors are viewing the current price levels as a buying opportunity, anticipating a potential upside rally. However, the immediate market sentiment remains cautious, with LINK struggling to maintain its previous support levels.
Chainlink's price has dropped by 7.15% today, reaching a low of $25.839151.