Chainlink, regarded as a pioneer in the oracle space, is under scrutiny following an incident with an oracle update that resulted in significant user losses.
Liquidation Market Analysis
A recent liquidation heatmap from Alphractal shows a sharp increase in long liquidations over the past week. This is often associated with capitulation phases where excessive leverage on the long side gets liquidated. As of May 30th, the liquidation concentration has shifted, with most remaining potential liquidations now in short positions.
LINK Price Analysis
Chainlink’s trading price is currently around $14.54, with an intraday decline of 7.77%. The token’s market cap now hovers around $9.56 billion, with a 24-hour trading volume of $598.92 million. LINK's trading range for the past day shows a low of $14.46 and a high of $15.91. If the price breaks below current levels, it could trigger a drop to the next crucial support zone at $13.86.
Frequently Asked Questions
Why did Chainlink’s price crash recently? A faulty Chainlink oracle update triggered forced liquidations totaling over $532K, prompting market panic. How much is Chainlink worth today? Chainlink is down 7.79% at $14.54. What price levels should investors watch? The crucial support for LINK is at $13.86, while resistance is at $16 and $17.4.
The situation surrounding Chainlink remains unstable, and future market movements will depend on investors' reactions to updates and current price levels.
