Chainlink Price News: Slips to 6-Week Low at $20, But Potential Trend Shift Emerges

Chainlink's native token, LINK, has dropped to a six-week low of $20, marking a nearly 28% decline from its August highs amid a generally bearish market. Despite this downturn, buying interest remains strong. A notable purchase of $4 million in LINK by wealth management firm Caliber has raised its total holdings to $10 million. The $20 price point has shown to be a significant support level, with signs of recovery as buyers defend it. However, resistance is noted around $20.57, which needs to be surpassed for a potential upward trend. The recent trading activity, including a significant volume surge of over 5 million units during the selloff, indicates strong institutional interest in LINK, while overall cryptocurrency market volatility continues to reflect broader risk sentiments. Chainlink's positioning suggests that it may be poised for recovery with sufficient buying momentum and investor confidence.

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