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LINK Falls by 26% After ‘Trump Pump’ Fizzles Away – What’s Next?
In a shocking turn of events, Chainlink’s (LINK) recent rally sparked by Trump’s backing has seemingly come to an abrupt halt. The altcoin’s price plummeted by a whopping 26%, putting the cryptocurrency in an uncertain position.
The sudden downturn can be attributed to the swift exit of whales from the market, combined with external factors contributing to downward pressure on LINK’s value. Despite this setback, investors who have been holding strong might find solace in knowing that backing off could be the best strategy for a potential rebound in 2025.
It is essential to consider that LINK has made considerable progress over the past four years. The number of addresses on its network has increased from 213k to a staggering 690k. Furthermore, Chainlink’s total value locked (TVL) surpassed $1 billion in December, marking a significant milestone for the altcoin.
Moreover, it is crucial to acknowledge LINK’s shift towards decentralization, with retail investors now controlling an impressive 32% of its supply. This transformation has set the stage for the altcoin to potentially outshine Ethereum’s (ETH) woes surrounding centralization concerns.
However, this newfound momentum has been dampened by a sudden exit of whale wallets and a lack of sustained market growth. The question on everyone’s mind now is whether LINK can bounce back from these unfavourable conditions.
There are signs that suggest this might be the case, as LINK has managed to outpace many of its competitors with double-digit growth in the last 30 days.
Source: ambcrypto.com
