The Chainlink price dropped sharply today as the crypto market fell 6.05%. This decline caused Bitcoin prices to drop below $97,000, and other cryptocurrencies like Cardano, XRP, Tron, and Shiba Inu also saw significant losses.
The drop in altcoin prices is reflected in the Altcoin Index, which has taken a brutal hit. The CMC Altcoin Season Index dropped from 82 yesterday to 63/100 today.
Chainlink price falls over 15%
The LINK token price was also among the highest losers in the last 24 hours, showing a decrease of 15.12% and dropping from a high of $27.26 in the previous 24 hours to about $22.20 at the time of writing.
LINK/USDT | TradingView
Despite this drop, the trading volume increased by 66.23%, reaching slightly over $2.6 billion. However, the falling LINK prices suggest that more people are selling than buying.
Experts believe that the sudden decline in altcoin prices may only be temporary. They think this might be a strategy to shake off nervous traders before a possible rally in large and mid-cap altcoins.
Crypto analyst “Immortal” noted two important points: Bitcoin (BTC) is gaining strong buying interest, and there has been significant selling of altcoins. If Bitcoin continues to rise, altcoin prices will likely also rise.
LINK eyes $60 this bull cycle
Chainlink’s recent drop in price has not stopped crypto analysts from remaining optimistic about its future. Traders predict that if Chainlink (LINK) can surpass the $50 mark, it could easily reach its all-time high of $52.88 once reached on May 10, 2021.
One notable analyst on X, known as “@LLuciano_BTC,” with over 2.2 million followers, predicts that the Chainlink price could rise between $50 and $60 during the next bull run. This suggests that the coin could exceed its past highs in this cycle.
What an incredible performance from $LINK. 😳
As you may have seen, my previous prediction has already yielded a 150% return.
My target for $LINK is $50-$60 during this bull run.
What's your target for @chainlink? https://t.co/jmZzT9hObi pic.twitter.com/POYci7MmHS
— Lucky (@LLuciano_BTC) December 9, 2024
In the previous bull run, LINK’s price jumped from $27 to $54 in just six weeks, showing that breaking previous records and significantly surpassing them is possible in 2025.
Meanwhile, key indicators show that LINK is gaining momentum. Its price is above the 50-day moving average of $15.57 and the 100-day moving average of $13.33. It faces resistance at $24.14 and $27.62.
Currently, LINK is above the Bollinger average of $20.19, meaning it seems bullish despite the recent decline.
Read more: Chainlink Price Prediction: How High Can LINK Get?
To reach $60, LINK needs to increase by 171% from its current level. It must also break through the resistance at $24.14 and $27.62, supported by strong trading volumes and positive sentiment. If market conditions remain good, LINK could aim for $40 before pushing higher.
The long-term looks bullish for Chainlink
There are multiple bullish technical and fundamental reasons why the mid and long-term performances of Chainlink will be positive.
Recently, data from IntoTheBlock showed a jump in Chainlink’s daily active addresses. On December 9, Chainlink had an average of 8,220 daily active addresses, a strong increase of 142% compared to the previous month.
More daily active addresses in cryptocurrency mean more users interact with the Chainlink blockchain, which shows greater interest and activity in the network and its token, LINK.
In addition, Santiment revealed the top ERC-20 coins by development activity, with Chainlink leading the list as the most active.
Higher development activity in a cryptocurrency usually signals good things. It indicates a commitment to improvements, innovation, bug fixes, and community engagement.
In recent months, Chainlink has seen significant innovation and interest from institutions. This positive momentum could lead to better price performance in the mid-term.
⬡ Chainlink Adoption Update ⬡
This week, there were 7 integrations of the #Chainlink standard across 4 services and 7 different chains: @avax, @base, @ethereum, @0xMantle, @0xPolygon, @0xSonicLabs, and SXT Chain.
New integrations include @tradeon21x, @BackedFi,… pic.twitter.com/Ys1aHJhp4B
— Chainlink (@chainlink) December 9, 2024
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