Chainlink slips below $9 as 21% weekly drop hits – THIS is the only hope for bulls!
Chainlink (LINK) has experienced a significant downturn, falling below the $10 support level to a low of $8.99, a price not seen since September 2024. At the time of writing, it was trading at $9.1, reflecting a 7.9% daily and 21% weekly decline. The drop was driven by a massive sell-off, with seller strength overwhelming buyers. Exchange data showed a net inflow of 1.4 million LINK into exchanges, indicating aggressive spot market selling. Concurrently, futures market activity declined sharply, with Open Interest hitting a yearly low of $458 million and a negative netflow, signaling substantial capital outflows. The RSI fell to 20, deep in oversold territory, suggesting strong seller dominance. If the selling pressure continues, LINK could fall further toward $8.3. A bullish reversal would require reclaiming and closing above the EMA20 level at $11.5.
ambcrypto02/02 10:01