Renowned cryptocurrency expert Ali Martinez recently issued a warning regarding the price of Chainlink (LINK). In a technical analysis, Martinez predicted a potential drop in the price of the LINK token in the near future. Martinez shared an analysis stating that if the price of Chainlink falls below $12.70, there could be a 45% price correction. Therefore, investors should exercise caution with Chainlink as the recent rally to $13 may have been a retest of the head-and-shoulders pattern’s neckline.
As of now, the price of Chainlink stands at $13.38, with a 4.8% increase in the last 24 hours. However, over the past week, the cryptocurrency has experienced a 6.6% decrease in price. Furthermore, the trading volume of Chainlink has seen a significant increase of 52.80% compared to the previous day, indicating heightened market activity.
According to a survey conducted by Ali Martinez, cryptocurrency whales have acquired over 6.2 million LINK tokens, amounting to approximately $76.88 million, in the past week. This suggests a strong interest from major investors in Chainlink.
During the recent market crash, Chainlink experienced significant price pullbacks, with the lowest trading price reaching $11.15 and the highest at $14.65 over a seven-day period.
In an important development, Chainlink has partnered with Fidelity International and Sygnum to provide onchain Net Asset Value (NAV) data. This collaboration signifies a significant innovation for both the financial and cryptocurrency sectors. Fidelity International’s $6.9 billion money market fund will benefit from the onchain NAV data provided by Chainlink, further cementing the importance of this partnership.
It is important to note that the views and opinions expressed in this article, including those of the author and individuals mentioned, are for informational purposes only and should not be considered financial or investment advice. Investing or trading in cryptocurrencies carries a risk of financial loss.
In summary, Chainlink’s recent price actions have prompted a warning from Ali Martinez, who predicts a potential price drop. Despite recent market fluctuations, Chainlink’s trading volume has increased, and the cryptocurrency has formed a partnership with Fidelity International and Sygnum to provide onchain NAV data.