64M LINK At Risk: Here’s Why Chainlink Price Needs to Reclaim THIS Support

Chainlink (LINK) stood a chance to hit the $100 mark in the long term even though the altcoin was struggling amidst broader market weakness. LINK has been losing its key support levels recently, just like many other cryptocurrencies; however, certain metrics have been showing bullish signals.

Chainlink was expanding its services across major blockchains, which made the potential to hit $100 a possibility. However, the timelines for this milestone were unclear, especially during a period when the entire market, including stocks, was struggling.

With that in mind, will the price of Chainlink continue dipping, or can fundamentals help put a pause to this decline?

Why Are About 64M LINK at Risk?

According to the Cost Basis Distribution Heatmap from Glassnode, approximately 53.87 million LINK, which were purchased at $16, are facing losses. This puts them at risk of manual liquidation by the traders themselves, looking to cut losses or forced liquidations if bought with high leverage.

Additionally, another 9.59 million LINK tokens were bought at the $12 zone, meaning they were also at risk of entering into the red area. In total about 64 million LINK were draining the capital of holders.

Chainlink’s price was breaching all support levels, including the strongest ones where significant accumulation had occurred. This indicated that Chainlink price was continuously getting worse in terms of defending key support levels.

However, those investing in the altcoin and targeting higher zones appeared to benefit from this market weakness. But in what way?

Chainlink Price Analysis: Will LINK Hit $100 in the Long Term or Dip to $8?

On the charts, Chainlink price was trading within a bearish structure that was trending toward the $10 range. When writing, the altcoin had hit the $13 zone, only a dollar above the significant zone that held 9.58 million LINK tokens.

The zone above $18 formed a double bottom, affirming the weakness seen in its prices, even breaking a zone with 54M LINK coins. However, the $12 zone was a key accumulation zone as well as a technical structural point. Chainlink price could bounce from this level if the same buyers or different ones returned.

Analysts expect the altcoin to reach $100 in the long run, particularly since Chainlink is becoming an increasingly institutionalized token. Thus, the drop was a significant discount, with current price levels providing investors with an opportunity to gain more in the event of a price surge.

Conversely, the Chainlink price could also fail to align with the broader market sentiment. This would mean the price dipping lower, even to $8, levels seen in the last bear market.

Chainlink Services Expand As Cumulative Volume Peaks

While some metrics were bearish, Chainlink fundamentals were strengthening. The Oracle platform expanded its operations to major blockchains, including AB Blockchain, Bittensor (TAO), and Etherlink, among others.

This was not the end, as Chainlink’s data streams services launched on Aptos (APT), Hedera Hashgraph (HBAR), and Injective EVM (INJ). All these were courtesy of the expanding real-world assets (RWA) sector pulling more institutions and liquidity.

As a result, the cumulative volume for Chainlink hit a new peak of $1.74 trillion. This put Chainlink among the most traded blockchains, as the volume growth did not stop. The trajectory has been up since 2021 with a few normal dips.

In summary, Chainlink price was displaying more weakness than strength even though some fundamentals were positive. The general market outlook indicated that the price of LINK was at a greater risk of decline if buyers did not return.