Chainlink (LINK) Could Drop To $8 If It Loses Current Support: On-Chain Data Reveals
Chainlink (LINK) experienced over a 13% price drop this week, reaching a critical support level around $11.20. On-chain data from Santiment indicates cooling demand for LINK, contributing to market uncertainty. The price is currently testing this support, which is pivotal for determining its near-term trajectory. A negative price-daily active address (DAA) divergence of -61.2% suggests a disconnect between LINK's price and network activity, raising concerns about its ability to maintain the $11.20 support. If LINK fails to hold above $10.91, it may face further declines, with key levels to watch at $9.50 and $8.12. Conversely, sustaining above $10.91 could lead to sideways consolidation and potential upward movement toward local highs. Market participants are closely monitoring these levels for LINK's next direction.
