What’s Next for LINK Price?

Chainlink’s price is facing challenges amidst bearish pressure in the altcoin market, triggered by a $1.5 billion theft at Bybit. Despite buyer attempts to reverse the downward trend, bearish forces dominate, pushing the price towards lower Fibonacci levels. On-chain metrics confirm a bearish outlook for LINK, increasing the likelihood of retesting a critical support line.

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LINK’s Netflow Signals Upcoming Selling Pressure

Chainlink struggles to attract buyers, with sellers driving the price towards support levels. Over the past 24 hours, there have been significant long position liquidations for Chainlink. Coinglass data shows $2.76 million in LINK transactions, with $2.72 million in long liquidations and $42.7K in seller liquidations.

IntoTheBlock suggests that bearish pressures on Chainlink may intensify as Netflow remains high above the midline at $2 million, indicating more inflows than outflows. This has led to an increase in exchange reserves as investors move assets to exchanges, potentially leading to a selloff with more LINK available for sale.

Moreover, large transaction volumes in LINK have decreased recently, with whale activity dropping significantly. Total investments have decreased from $139.52 million to $25.81 million, contributing to strong bearish pressure amid reduced volatility.

Interest in Chainlink trading has also declined, with open interest falling to $517 million within 24 hours, a 1.7% decrease.

Looking ahead, LINK’s price trends suggest a downward correction. The long/short ratio indicates that 56% of positions anticipate a price decline for LINK.