Chainlink Price Volatile, Drops 4% in 24 Hours

The Chainlink price has shown mixed performance this year, with notable fluctuations in recent months. In the first half of June, the altcoin demonstrated a strong resurgence, moving from around $13 to just beneath $16. However, this upward trend was short-lived, as the price suffered a severe downturn, reaching as low as $11.2 by June 22. Despite this setback, the price of the LINK token has since recovered above the $13 level.

Prominent crypto analyst Ali Martinez recently shared an on-chain insight into the current setup of the Chainlink price. According to Martinez, the altcoin could be approaching a critical resistance level around the $15 region. This analysis is based on the average cost basis of several LINK investors, which examines a level’s capacity to function as support or resistance based on the volume of tokens last acquired by investors in the price region.

Martinez's data highlights that the Chainlink price faces a major supply barrier around the $14.88 – $15.32 region, where 10,440 addresses bought 89.63 million LINK tokens at an average price of $15.12. This region could act as a resistance to price, as investors with their cost basis around this level would likely sell as soon as they break even, thereby putting downward pressure on the LINK price.

On the other hand, IntoTheBlock data suggests that the Chainlink price could find significant support around the $12.87 – $13.26 bracket, where 20,260 investors acquired 53.91 million LINK tokens at an average price of $13.05. When LINK’s price returns to around $12.8, investors with their cost basis in and around this level are likely to defend their position by purchasing more coins, ensuring the altcoin stays above the support area.

As of the latest update, the LINK token is valued at around $13.16, reflecting an almost 4% price decline in the past 24 hours. This price movement underscores the volatility and uncertainty in the market, with investors closely monitoring key support and resistance levels to make informed decisions.