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Chainlink Dives to $17.4—3 Game-Changing Reasons for a 2025 Rebound!
On February 22nd, the cryptocurrency market saw a significant dip in Chainlink’s value, falling to an unprecedented low of $17.4. This drastic 43% plunge from its all-time high in December 2024 may have caused concern among investors and fans of this popular crypto network. However, experts are quick to point out three crucial factors that could potentially turn the tide and drive Chainlink’s price back up.
Firstly, it appears that a significant number of holders who own large quantities of Chainlink are not selling their coins at the current market rate. One telling indication is the decline in balances on exchanges since September 2024, as observed by Coinglass data. The statistics reveal a decrease to 138.8 million link coins, signaling hope for the future and a reluctance among investors to part with their holdings.
Secondly, there are high hopes that the Securities and Exchange Commission (SEC) will approve a spot LINK ETF later in 2025. As long as the SEC does not disapprove this proposal, many holders might feel more confident about their investment and hold onto their coins rather than sell them at the current low price.
Lastly, Chainlink’s technical indicators are offering a glimmer of hope for potential investors. Despite plummeting by an astonishing 43% from its peak in November 2024, the weekly chart still shows that LINK has managed to maintain a position slightly above $100 per week. Furthermore, the formation of a megaphone chart pattern on the same chart holds great promise as this pattern often precedes a strong price increase.
In conclusion, these three factors – non-selling investors, SEC approval of an ETF, and the emergence of bullish technical indicators – could potentially drive Chainlink’s value back up in 2025.
Source: bitcoinik.com
