Over the past 24 hours, Chainlink (LINK) has faced significant selling pressure, dropping below the $15 mark. We examine the current market events and forecasts.
LINK Faces Intense Selloff
LINK's price has struggled to maintain its momentum above $15 and has dropped sharply. Increased selling activity has been observed in Chainlink over the past 24 hours. According to Coinglass, approximately $1.6 million in LINK trades occurred, with long liquidations accounting for $1.4 million and sellers liquidating around $235K worth of positions. Meanwhile, the open interest has decreased by 7.8%, reaching $520 million, but the funding rate remains positive at 0.0034%, suggesting a potential for a bullish rebound.
Chainlink Technical Analysis
Chainlink recently surpassed the critical resistance level of $15, driven by heightened buying interest. However, buyers failed to hold the momentum above this level, resulting in a severe drop in prices. Currently, LINK trades at $14.37, declining over 8.4% in the last 24 hours. Sellers are aiming to keep the price below the 23.6% Fib level, and the Relative Strength Index (RSI) is in the selling region at level 35, indicating potential further bearish pressure.
Future LINK Price Predictions
**Short-term**: According to BlockchainReporter, LINK price might continue to decline. If the price holds below $15, we might see levels as low as $11.7. On the upside, $18.12 is the range. **Long-term**: According to Coincodex’s current Chainlink price prediction, the price of Chainlink is expected to increase by 20.21%, reaching $18.29 by April 27, 2025. Coincodex’s technical indicators suggest that the current market sentiment for Chainlink is bearish, while the Fear & Greed Index stands at 44, indicating fear among investors. Over the past 30 days, Chainlink has experienced 16 out of 30 (53%) green days and exhibited price volatility of 6.90%.
Despite the current downward trends, Chainlink has the potential for growth if it can overcome current market barriers. Investors are advised to make informed decisions based on technical analysis and market data.
