Crypto

Chainlink Eyes $19 Breakout – Will Bulls Regain Control?

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Chainlink (LINK)

Chainlink (LINK) has plummeted nearly 40% over the past month, causing concern among investors.

After dropping from $19.20 to $17.28, the price has slightly rebounded, trading at $18.05 at press time. The key question now is whether a recovery is on the horizon.

LINK’s Price Drop and Market Activity

According to analysts, LINK’s decline aligns with a network contraction, indicating reduced activity on the Chainlink network since November 30.

The MVRV ratio, which measures trader profitability, shows that investors who bought in the past 30 days are at an average loss of -16%—a level that has historically marked selling exhaustion and potential reversals.

Whale Accumulation and Rebound Signals

Despite the price drop, whales have been buying the dip, accumulating over 1.10 million LINK worth $20 million in the last 24 hours.

Historically, Chainlink has rebounded when MVRV falls below -16%, with past gains of 312%, 64%, 61%, 25%, and 52%.

For a confirmed rebound, LINK must break past $19 to target $23.70. However, if LINK loses $15.50, a deeper correction could follow.

What’s Next for Chainlink?

With market uncertainty and upcoming Fed policy updates, traders should watch for a breakout above $19 for bullish confirmation.

If confidence returns and whales continue accumulating, LINK could recover in the coming weeks. However, losing key support at $15.50 could invalidate this outlook and push prices lower.

Written by
Sazid Kabir

I've loved music and writing all my life. That's why I started this blog. In my spare time, I make music and run this blog for fellow music fans.

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