Chainlink (LINK) has seen a decline of almost 13% over the past week, along with the rest of the altcoin market. However, the price of LINK has managed to maintain support despite selling pressure. The key question for investors now is whether this is a correction or the beginning of further growth for Chainlink.
Currently, the price of LINK is trading below its 200-day Moving Average and even lower than its 50-day Moving Average. This indicates a short-term bearish outlook for Chainlink. If the price of Bitcoin also declines further, it could lead to wider selling pressure in the market and potentially push LINK below $10.
On the other hand, some analysts and whales are closely monitoring Chainlink prices and predicting a potential $100 price jump by 2025. If market conditions improve and investor sentiment returns, the price of LINK may rise toward resistance levels around $20-$25. If the favorable trend continues, LINK could even retest its previous cycle high of $22.31 and move toward $30.
However, it’s important to note that the cryptocurrency market is highly unpredictable. Investors should closely monitor LINK’s key levels, market trends, and broader market conditions before making any investment decisions. It’s crucial to only risk capital that can be afford to be lost.