LINK needs to recover 277.34% as 16,600 addresses are lost
LINK investors are hoping that February will turn the tide on the market. However, this does not happen in reality. As a result, many postponed that expectation to March. Unfortunately, investors continued to be disappointed through the first 5 days of the month as LINK wiped out the entire February rally.
LINK’s price creates wedges
It’s been 10 months since LINK peaked. Interestingly, the ATH price of $52.3 was once forecast as a new starting point of a successful journey.
LINK embarked on a new journey after that, but not on the path everyone expected. The price has been in a downtrend since May 2021 and it looks like it is coming to an end.
Despite many efforts to find demand and bullish momentum, the price still failed to reach the bullish trend.
In particular, the bottom trendline at $13.3 has proven to be strong support for the coin. Because the LINK is still closed even after many retests.
Price promotion LINK | Source: TradingView
On March 4, after LINK fell 7.81%, LINK officially invalidated February 28’s 11% gain. At the time of writing, the price is hovering around the $13.84 level and nearing the end of the falling wedge. If LINK fails to break the resistance and slide below the support line, investors could be in for more trouble.
Since May, around 16,600 investors have always felt unsettled because they have been buying around the ATH price and losing continuously ever since.
LINK All-time highs and lows | Source: Intotheblock
It should be noted that 66% of all investors are currently at a loss. Among them, 16,600 addresses have little chance of regaining what was lost.
Because LINK needs to gain 277.34% to recover from those losses. However, considering the prevailing market conditions, this is hardly possible at the moment.
Chainlink investors lose money (red) | Source: Intotheblock
Regardless of the price development, Chainlink has continued to impress investors along the way as it continues to mass support and develop crypto projects.
For example, on March 4th, the FilSwan Layer 2 cross-chain solution was awarded the Chainlink Filecoin grant.
With this grant, FilSwan will “create a multi-chain data storage solution that will enable smart contracts on Polygon to pool funds to store data on Filecoin/IPFS.”
This shows once again that Chainlink is very active in pushing the crypto space forward. The LINK price will also benefit from this in the long term.
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According to AMBCrypto