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Chainlink Price Could Start ‘New Bull Rally’ – Here’s The Level To Watch

The Chainlink price was one of the several victims of the bearish pressure that swept the entire crypto market at the start of last week. The altcoin’s value fell to $17 — for the first time since late November 2024 — in almost a single move on Monday morning. Chainlink Price Overview The price of Bitcoin dropped to $92,000 after news of US President Donald Trump’s trade tariffs sparked fears of retaliatory actions and a potential trade war. Interestingly, Bitcoin’s price plunge was relatively less significant than that of the altcoin market, with large-cap assets like Ethereum falling by nearly 30% in one swoop. Specifically, the Chainlink price kicked off the week with a 32% slump, succumbing to the bearish pressure triggered by the US trade tariffs. As of this writing, the LINK token has recovered above the $18 mark despite a 1.4% price decline in the past 24 hours. Related Reading: Ethereum Outflows On Derivative Exchanges Hit Record Lows: What It Means for ETH Although the LINK price looks set for a bullish recovery, there seems to be a lull in its movement over the past few days. This sluggishness may be somehow connected to a crucial resistance level, which could prove pivotal to the start of a fresh bull run. Here’s Why $23.76 Is Crucial Prominent crypto trader Ali Martinez took to the X platform to share a significant level that could be crucial to the long-term health of the Chainlink price. This analysis is based on the average cost basis of several LINK investors. In cost-basis analysis, the ability of a level to act as support or resistance depends on the total amount of coins last acquired by investors in the region. In the chart below, the size of the dot represents and directly corresponds to the number of LINK tokens purchased within a price bracket. Recent data from IntoTheBlock shows that around 96,760 investors bought approximately 110.43 million Chainlink tokens within the $20.96 – $26.25 price range — at an average price of $23.78. The high purchasing activity has led to the formation of a supply barrier within this price region. The $23.78 region acts as a resistance zone because of the elevated number of investors with their cost basis in and around it. This level has the potential to witness significant selling pressure from investors wanting to sell their tokens after returning to a breakeven point, thereby hindering further price increases. This implies the potential supply of LINK tokens could overwhelm the buying demand within the $20.96 – $26.25 bracket. According to Martinez, a successful breach above the $23.78 level could set the stage for a new bull rally for the Chainlink price. Related Reading: Bitcoin Price Attempts a Comeback: Can the Recovery Hold? Featured image from Unsplash, chart from TradingView CoinOtag

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Virtual Reality Platform Decentraland Outpaces All Other NFT Projects in Terms of Recent Development: Santiment

The Ethereum ( ETH )-based virtual reality platform Decentraland ( MANA ) continues to surpass all other non-fungible token (NFT) projects in terms of recent development activity, according to the crypto analytics firm Santiment. Santiment notes on the social media platform X that Decentraland registered 143 notable GitHub events in the past 30 days. Decentraland also led the rankings in December , November , October , and September . Flow ( FLOW ), a layer-1 permissionless blockchain, continues to occupy the number two spot, with 114.9 notable events. Metaplex ( MPLX ), a decentralized NFT platform built on Solana ( SOL ), moved into third with 42.47 events, passing the NFT layer-2 scaling solution Immutable X ( IMX ), which clocked 37.73. Source: Santiment/X Santiment notes that it does not count routine updates and utilizes a “better methodology” to collect data for GitHub events based on a “backtested process.” The analytics firm has previously said that heavy development activity centered around a crypto project indicates developers believe in the protocol. Development activity also suggests that the project is less likely to be an exit scam. Decentraland’s native asset, MANA, is trading at $0.307 at time of writing. The 136th-ranked crypto asset by market cap is down more than 31% in the past seven days and more than 37% in the past month. Don`t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post Virtual Reality Platform Decentraland Outpaces All Other NFT Projects in Terms of Recent Development: Santiment appeared first on The Daily Hodl . CoinOtag