Trading Price of LINK Expects a 50% Correction as Chainlink Witnesses a Plunge

The price of the native token of the Chainlink network “LINK” ended up taking a fall in the recent trading session.

The market downtrend has continued harming the trading price of LINK, bringing its trading price down to an alarming level.

On November 8, a major downtrend took place that reportedly pulled the trading price of the entire crypto-verse. Like the rest of the major tokens such as Bitcoin and Ether, LINK also found itself being an unfortunate asset.

LINK Price Plunged 10%

On that particular day, LINK’s trading price dipped by almost 10%. Following the plunge, the trading price of LINK has dipped to a low of $8.

Although BTC and ETH did experience dips their declines were not as bad as LINK. The trading prices of BTC and ETH have experienced 6.5% and 9% price plummets.

It was just a couple of days back when the trading price of LINK had recorded a strong rally. The trading price of LINK recorded a 14% rally on November 7. This launched the price of LINK to a high of $9.25.

The price of LINK hitting $9.25 was a three-month high that the digital asset had managed to hit. At the same time, the trading prices of BTC and ETH suffered 1.5% and 0.5% dips on November 7.

The week-to-date performance of LINK compared to BTC and ETH shows that it has outperformed both of them on an overall scale.

LINK’s Price has Rebounded

It was the month of May when the trading price of LINK hit a low of $5.29. It was the bottom price LINK had hit from the start of the year.

Ever since hitting the bottom price, the trading price of LINK has reportedly rebounded by 75%. The price of LINK continued rising as the LINK whales continued accumulating more and more tokens in their wallets.

According to an estimate, the minimum LINK tokens that the whales reportedly hold are 1,000 LINK.

The report also shows that the supply percentage on each wallet belonging to LINK whales has risen by almost 23%. On a year-over-year scale, the increase in November was 23% while the increase for May was 18.2%.

This goes to show that the sentiments of the investors are constantly rising in favor of LINK. The investors are supporting LINK compared to the rest of the cryptocurrencies.

Despite the rising accumulation, the recent FTX crash has caused a major downfall for LINK. It is expected that the trading price of LINK may continue declining until the end of December 2022.

The analysts expect around a 50% decline in LINK’s price, bringing it down to $4.15.