Categories: Market

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.

Join Bitcoin Magazine Telegram to follow news and comment on this article: https://t.me/coincunews

home home

According to AMBCrypto

Follow the Youtube Channel | Subscribe to the Telegram channel | Follow the Facebook page

CoinX

Recent Posts

BlockDAG Surges Past $170M as BDAG250 Bonus End Countdown Begins – Aave Targets $400 & Solana Shines with Scalability

BlockDAG crosses $170.5M in presale success with BDAG250 bonus and Whitepaper V3 launch! Solana grows…

7 minutes ago

Qubetics Presale Price Surge Approaches: The Best Coins to Invest in Right Now While Toncoin, and XRP Gain Traction

Discover why Qubetics, Toncoin, and XRP are the best coins to invest in right now.…

37 minutes ago

Book of Meme Old News? This Best Meme Coin to Invest in 2024 Is Multiplying Gains Like a Champ

Over the years, meme coins have evolved from inside jokes into serious investment opportunities.

2 hours ago

Time’s Ticking on BlockDAG’s 5-Tier Bonus- Few Days Left to Grab It While Cardano Whales Take Action, Aave Rallies Strong

Discover BlockDAG's five-tier bonus program's closing phases that enhance buyer holdings. Gain insights on the…

2 hours ago

Best Altcoins to Buy for 2025: Qubetics Presale Surge, Solana’s Lightning Speed, and Cardano’s Blockchain Revolution

Discover why Qubetics, Solana, and Cardano are redefining the crypto landscape. Learn about milestones, price…

3 hours ago

Why Qubetics, NEAR Protocol, and IMX Are Dominating Crypto: The Best Altcoins to Join Today for Game-Changing Returns 

Discover why Qubetics, NEAR Protocol, and Immutable X are the best altcoins to join today,…

5 hours ago

This website uses cookies.