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Chainlink (LINK) at Risk of 17% Decline as Bearish Sentiment and Tariff Pressures Mount
Chainlink (LINK) at Risk of 17% Decline as Bearish Sentiment and Tariff Pressures Mount
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Chainlink LINK News -
Chainlink (LINK) is facing significant downward pressure as traders heavily short the asset. On-chain data as of July 8 shows $8.64 million in short positions versus $5.87 million in longs, resulting in a Long/Short Ratio of 0.935. A drop below the critical $12.70 support level could accelerate losses by 17%.
Growing tariff tensions have further weighed on LINK's performance, with the token failing to gain traction over the past week. Currently trading at $13.49 (down 0.55% in 24 hours), diminished trader activity reflects weakening confidence. CoinGlass data identifies key leverage clusters at $12.99 (support) and $13.83 (resistance), reinforcing the bearish technical setup.
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