Key Notes
- Chainlink price will likely fall toward the support level of around $14 if the current support above $16 fails to hold.
- DeFi protocols adopting Chainlink products have gradually increased in the past, bolstering LINK’s long-term bullish sentiment.
As Bitcoin BTC $91 804 24h volatility: 4.4% Market cap: $1.82 T Vol. 24h: $53.34 B price slipped below a crucial support level above $95.5k earlier on Monday, Chainlink LINK $15.10 24h volatility: 13.2% Market cap: $9.63 B Vol. 24h: $915.46 M price was among the negatively impacted altcoins. In the past 24 hours, LINK price dropped over 7 percent to trade at about $16.29 on Monday, February 24, during the mid-New York session.
The large-cap altcoin, with a fully diluted valuation of about $16.3 billion and a 24-hour average trading volume of around $544 million, retested a crucial support level of about $16, which coincides with the 0.618 daily Fibonacci Retracement.
If the current support level fails to hold in the coming days, LINK price will continue in bearish sentiment towards the support range between $13 and $15. The short-term bearish sentiment will, however, be invalidated if the LINK price consistently closes above the resistance level around $26.
In such a scenario, Chainlink’s price will rally to retest its all-time high of around $53, which was set during the 2021 crypto bull rally.
$LINK : I've made a slight adjustment to the long-term chart. The price has room to hold the yellow scenario down to $14. If this level breaks, a test of the yellow support zone in a broader wave (ii) becomes likely. The white scenario carries significantly higher risk, as it… pic.twitter.com/ptHS0NZema
— More Crypto Online (@Morecryptoonl) February 24, 2025
Chainlink Whales Lulls
The overall demand for crypto assets has significantly declined in the past four weeks, especially after the inauguration of US President Donald Trump. Furthermore, crypto traders involved in speculative trading of buy-the-rumor were engaged in selling the news during the past few weeks.
According to on-chain data analysis from IntoTheBlock , the number of Chainlink transactions greater than $100k has declined by $484 million in the last seven days. Specifically, on February 18, the number of LINK transactions greater than $100k was about 322 but has since dropped to around 103 transactions at the time of this writing.
Perhaps, Chainlink whales have been timing for the asset to retest the lower border of a macro rising trend to confirm re-entry for a long position.
$Link giga Whales havent been interested in buys since price left the $12s.
$12s is the Long term Channel low. If we get there, it will be interesting to see if thats where they decide to re-accumulate as the market falls into a deep Panic and BTC forms a bottom. https://t.co/gam17Y1l5w pic.twitter.com/aN0tyU59aZ
— J11 (@LinkWarLord) February 24, 2025
Robust Development
The Chainlink network has grown into a robust ecosystem backed by dozens of institutional investors and top-tier web3 projects. As Coinspeaker reported, Chainlink products, including the Cross-Chain Interoperability Protocol (CCIP), have been used by dozens of DeFi projects to scale the mainstream adoption of digital assets.
In the latest update, Etherisc, a DeFi platform on the Ethereum (ETH) network focused on trading of Parametric insurance, adopted Chainlink Functions on the Avalanche (AVAX) network. Worth noting that Etherisc will tap on Chainlink Functions to power parametric crop insurance for over 5k farmers in Kenya among other nations in the pipeline.
🧑💻 Here are crypto's top overall coins by notable development activity the past 30 days. Directional indicators represent each project's ranking rise or fall since last month:
➡️ 1) @dfinity $ICP 🥇
📈 2) @chainlink $LINK 🥈
📈 3) @optimism $OP 🥉
📉 4) @cardano $ADA
➡️ 5)… pic.twitter.com/ZHUDwmc1EW— Santiment (@santimentfeed) February 24, 2025
Meanwhile, the market analysis platform Santiment shows that the Chainlink network was the second largest by overall development in the last 30 days. The development activity of a network over a longer period is a measure used to show how active the core developers and other smart contract developers are committed.
nextDisclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
