Hi Guys,
It's Big & Big $LINK Upcoming Drop Prediction #alert
Chainlink (LINK) Could Drop To $8 If It Loses Current Support: On-Chain Data Reveals
Chainlink (LINK) has faced significant volatility this week. Its price dropped over 13% from Mondayâs high, bringing LINK to a critical support level of around $11.20. Traders and investors are closely monitoring this crucial area.
The importance of this level is further emphasized by on-chain data from Santiment, which shows that demand for LINK is cooling off. This adds to the uncertainty surrounding the assetâs near-term price action.
The next few days will be pivotal as Chainlink hovers around this crucial support. The outcome here could determine whether LINK stabilizes and regains its footing or faces further downside.
This level will likely set the stage for LINKâs next major move, making it a critical point of interest for market participants.
Chainlink Demand Cooling Off?Â
Uncertainty and fear are currently driving market sentiment for Chainlink (LINK). Its price is testing a crucial support level amid declining demand.
On-chain data from Santiment highlights a weakening market. A negative price-daily active address (DAA) divergence confirms the recent decline in LINKâs demand.
This metric compares an assetâs price movements with the changes in its number of daily active addresses, providing insight into whether network activity backs the price action.
Currently, LINKâs price DAA divergence stands at -61.2%. This indicates a significant disconnect between its price and the number of active users on the network.
Such a substantial negative divergence suggests a weakening market and hints at the possibility of further price declines.
However, LINK may face further downside pressure if it fails to hold the $10.91 support. Key levels to monitor include $9.50 and the $8.12 local low.
A breakdown below these levels could signal a deeper correction, potentially leading to a bearish trend.