news 
Chainlink Dives to $17.4—3 Game-Changing Reasons for a 2025 Rebound!
February 23, 2025 – In the midst of a tumultuous market, Chainlink has seen its price plummet by an astonishing 42% in February 2025, reaching as low as $17.4. Despite this drastic drop, experts believe that there are several factors that could contribute to a rebound later this year.
First and foremost, it appears that many Chainlink holders are holding onto their coins rather than selling them off. According to Coinglass data, the balance of LINK on exchanges has continued to decline since September 2024, plummeting to an astonishing 138.8 million link coins by mid-February. This is a stark contrast to the typical trend seen when investors are dumping their holdings, resulting in a spike in balances on exchanges. The fact that this is not occurring suggests that many holders are confident in the future of Chainlink and are choosing to hold onto their assets rather than selling.
Secondly, there is a growing expectation among traders that the Securities and Exchange Commission (SEC) will approve a spot LINK ETF later this year. If approved, such an ETF would provide additional liquidity for investors looking to buy and sell Chainlink, potentially driving up its value. While nothing has been officially confirmed by the SEC, the mere possibility of such an approval is already causing some market participants to reevaluate their positions on the coin.
Lastly, from a technical analysis perspective, Chainlink’s price movement suggests that it may be poised for a rebound. Despite the significant drop in value, the weekly chart still shows that LINK has managed to hold above the 100-week mark, a key level of support. Additionally, the formation of a large megaphone chart pattern, characterized by two diverging trendlines, is a classic sign of a reversal in the price movement. It’s essential to note that this chart pattern often precedes a strong increase in price.
While there are no guarantees in the volatile world of cryptocurrency trading, these three factors combined could potentially create an environment conducive to a rebound in Chainlink’s value.
Source: bitcoinik.com
