The cryptocurrency market is reeling under intense bearish pressure, with Chainlink (LINK) price plummeting below the $14 mark alongside huge dips for Bitcoin, Ethereum, and Solana.
Bitcoin’s drop below $96,000, with bears touching $95,860, fueled losses for ETH and SOL, which fell 10% each to new multi-month lows.
The selling pressure triggered a cascade effect, dragging other altcoins like Cardano and Chainlink into the red.
LINK is at risk of registering a deeper rout.
Chainlink (LINK) price is among the top coins to suffer a dramatic fall as Bitcoin’s crash to a six-month low below $96,000 slammed sentiment hard.
LINK traded at $14.08 as of the early US market session on Friday, down 11% in the last 24 hours. According to CoinMarketCap data, the double-digit loss extends the altcoin’s plunge in recent days to 25% in the past month.
When considering the week’s cumulative decline, bulls are sharply down since hitting a recent high of $19.12.
The altcoin’s market cap now stands at $9.76 billion, while daily volume has spiked 43% to nearly $1.2 billion to highlight the intensified market activity.
As highlighted, Chainlink price fell sharply amid a bearish onslaught that intensified with BTC’s sudden dip.
While cryptocurrencies had dumped on Wednesday as investor concern around macroeconomic and geopolitical turbulence mounted, alts’ decline accelerated as fake news about Strategy selling BTC surfaced.
Posts that Michael Saylor was selling bitcoin appeared to relate to redistribution in wallets and not selling.
Analysts like Miles Deutscher were quick to point out the fake news, and onchain data analytics platform Lookonchain shared the details below.
However, as Bitcoin dumped amid the initial selling, Chainlink followed suit.
The token’s price action mirrored the market’s fear sentiment, hitting lows last seen in April. Indeed, Chainlink’s plunge below $14 allowed bears to revisit lows of $13.90.
The alt may be hovering around the $14 mark as bulls eye a rebound, but losses threaten increased bleeding towards the all-important $10 mark.
Despite the dip, Chainlink price remains bullish long term, with factors such as macroeconomic tailwinds, regulatory shifts and partnerships key catalysts.
There is also the buzz around spot exchange-traded funds, which are gathering release pace with a spot XRP ETF launching in the US this week.
LINK could also benefit from the Chainlink Reserve initiative, which added over 74,049 LINK tokens this week to bring the total haul to over 803,387 LINK.
