Chainlink (LINK) price has dropped below the $18 support level, raising concerns among traders about a possible decline to $12-$14.
However, historical market data indicates that the cryptocurrency could be approaching a rebound phase.
The Market Value to Realized Value (MVRV) ratio has reached a level where LINK has previously experienced price recoveries.
Chainlink’s Price Struggles Below Key Support
The price of LINK has been in a downward trend, currently trading around $17.76. It opened the day at $19.12, reached a high of $19.20, and dropped to a low of $17.28.
The asset has been unable to regain momentum after falling from its late 2024 highs of approximately $28.
Market analyst Nebraskangooner noted that LINK has lost a key support zone between $18 and $19, increasing the chances of further downside.
If it fails to reclaim this level, the next support zone is around $12-$14. The price also remains below the 200-day moving average, which suggests that bearish
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