Chainlink (LINK) Price Set for Recovery Following 10% Decline

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Chainlink (LINK) surged to $16.21 on June 12, only to retreat shortly afterward, indicating that the initial price increase might have been a false breakout.

Despite this, interest in the native token of the decentralized Oracle network remained strong, with trading volume exceeding $450 million in the last 24 hours.

As of the latest update, Chainlink (LINK) is trading at $15.55, marking a 10.65% decline over the past seven days. The recent surge in LINK’s price on Wednesday was spurred by favorable Consumer Price Index (CPI) data, which showed lower-than-expected inflation rates.

Initially, this positive CPI outcome boosted the broader crypto market, including LINK, leading to significant gains.

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