Cardano

Solana

Delta

when

Chainlink

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/chainlink-price-drop-and-market-analysis/" data-wpel-link="internal">Chainlink Price Drop and Market Analysis</a> 
21milyon.com reports that the price of <a href="https://coin-turk.com/tahminlerinde-yanilmiyor-unlu-kripto-para-analisti-iki-altcoinin-altini-cizdi" data-wpel-link="internal">Chainlink</a> (LINK) has experienced a drop of over 4% in the last 24 hours. The market’s focus on the $30 mark for the altcoin could mean a shift in plans due to this pullback. However, LINK was not the only token to see a price drop during this period. According to 21milyon.com, Solana (SOL) and Cardano (<a href="https://en.coin-turk.com/cardanos-ada-eyes-1-target-as-analysts-weigh-in/" data-wpel-link="internal">ADA</a>) also saw declines. Yet, within the top 20 cryptocurrencies by market ranking, Chainlink was the second-worst performer in this timeframe. 
<h2 style="text-align: justify" id="why-did-the-link-sell-off-occur">Why Did the LINK Sell-Off Occur?</h2> 
Analysis of transactions reflected on Etherscan revealed that a transfer of tokens worth $48.37 million was made from BlockFi to the Kraken exchange. It is useful to remember that BlockFi is a crypto lending platform that ceased operations last year and declared bankruptcy. 
The share of LINK in this transfer amounted to $46.5 million. On closer inspection, it was evident that the other assets sent to the exchange did not represent significant amounts. Additionally, there were other factors contributing to the drop in LINK’s price. 
In the past 30 days, LINK’s price had increased by 20%. Consequently, some investors might have taken profits. On the other hand, it could be beneficial to examine the extent of Chainlink’s transactions. 
According to data provided by Santiment, the trading volume had risen to $569.48 million. This increase indicated that there was significant trading activity in terms of buying and selling. 
<img decoding="async" class="aligncenter size-full wp-image-317766" src="https://coin-turk.com/wp-content/uploads/2024/02/569-coin-turk-com.png" alt="" width="697" height="237"> 
Despite the price drop, the continuation of volume increase could lead to LINK retracting to as low as $17. Conversely, if the price moves towards $20, a subsequent move to $25 could be reflected in the charts. 
<h2 style="text-align: justify" id="will-link-s-price-rise">Will LINK’s Price Rise?</h2> 
When examining potential liquidation zones, a liquidity region above $22.5 for LINK is noticeable. Liquidation levels can be interpreted as areas where liquidation events could potentially occur. It appears that there is a concentrated presence of Chainlink in these regions. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-317767" src="https://coin-turk.com/wp-content/uploads/2024/02/link-kisa-sure-coin-turk-com.png" alt="" width="705" height="417"> 
However, as the price moves in this direction, traders using high leverage should consider the possibility of hitting stop losses. Additionally, when looking at the Cumulative Liquidation Levels Delta (CLLD), the value appears negative (shown in red in the table). Generally, a positive outlook on the charts would indicate more long liquidations in the market. 
The negative value observed at the time of writing could suggest that more short positions have been liquidated. Moreover, the continued negative trend of the CLLD could be taken as a bullish signal for LINK. This could be attributed to investors wanting to take profits from the bottom, leading to the closure of their short positions. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/chainlink-price-drop-and-market-analysis/" data-wpel-link="internal">Chainlink Price Drop and Market Analysis</a></h5>

Chainlink Price Drop and Market Analysis

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