Key Points:-
- What is Chainlink and its purpose?
- Chainlink price Slipped by 42 percent in February 2025.
- Three reasons can be Game changers for Chainlink’s bounce-back.
Chainlink price Reached its all-time high value in December 2024 at $30.78. Chainlink is one of the world’s most popular crypto networks. It serves as an apparent bridge between blockchain-based and non-blockchain-based app development environments.
This network makes transferring data from off-chain to on-chain sources easier via smart contracts. The developers claim it can retrieve data from any Application Programming Interface (API), connect with existing software systems, and integrate with any other blockchain.
On Saturday(22nd February) Chainlink dived to $17.4, down by 43 percent from its all-time high value in December 2024. Its crash shows the happenings among altcoins as most of them moved away in the past few months.
However, experts say that still there are three reasons why Chainlink’s price can bounce back later this year.
First, many Chainlink holder those who have large numbers of Chainlink, are not selling their coins. One piece of evidence is that balances on exchanges have continued falling this year. Since September 2024, according to Coinglass data shows that these balances have dropped to 138.8 million link coins.
Declining balance on exchanges is a sign that investors are showing hope for the future of the coin, with most of them holding their coins in their wallets. In most cases, the CEX balance jumps when investors are selling their coins from their wallets.
Second, Chainlink holders are more confident because many of them expect that the Securities and Exchange Commission will approve a spot LINK ETF later this year. Chainlink’s price may also rebound because of its positioning in the crypto industry.
ChainLink Price Analysis
Third, Chainlink’s price may bounce back because of its strong technicals. Even after crashing by 43% from its highest point in November 2024, the weekly chart shows that LINK has remained slightly above 100 per week. LINK also formed a large megaphone chart pattern, which is characterized by two diverging trendlines. In most cases, this pattern leads to a strong increase in price.
