Chainlink (LINK) Tests Key Support at $9 Amid Market Sell-Off
Chainlink's native token LINK broke through the $10 psychological level, plunging to $8.9—a low not seen since September 2024—as altcoins faced broad liquidation pressures. The asset is now hovering NEAR $9.5, reflecting a 3.9% daily drop and a 19% weekly decline.
Market dynamics reveal aggressive spot selling dominated derivatives activity, with sell-side strength hitting 75 against buyers' 25. Exchange inflows tell a similar story: 3.8 million LINK flooded trading venues against 2.3 million outflows, creating a 1.4 million token net surplus that typically precedes further downside. For long-term believers, this could present a classic Fear, Uncertainty, and Doubt (FUD) buying opportunity, as Chainlink's fundamental role as a decentralized oracle network remains critical to the DeFi and broader Web3 ecosystem.
