News 
March 29, 2025 
4 min. 
Chainlink (LINK) has abruptly reversed its previous upward momentum following a sharp downturn in the broader market during mid-day trading. This sudden decline has sparked fresh concerns among investors, especially as LINK once had strong potential to rejoin the ranks of the top 10 largest cryptocurrencies.
Currently, LINK is trading at $14.2, reflecting a 7.02% drop in the last 24 hours. This steep selloff has left many wondering: How much further could LINK fall before finding solid support?
Bitcoin’s Impact on Chainlink: Bollinger Bands Signal High Volatility
Chainlink’s sharp decline is closely tied to Bitcoin’s recent selloff, triggered by the latest US Core PCE data. Among the top 20 altcoins, LINK has faced one of the steepest losses in the past 24 hours.
Despite the short-term slump, LINK has shown resilience over longer timeframes, holding onto a 1% gain over the past week. Its Year-to-Date (YTD) growth remains strong at 34.76%, leaving analysts questioning whether another wave of selling pressure is on the horizon.
The LINK/USDT 4-hour chart highlights key price movements, with the token currently trading near the lower Bollinger Band at $13.93. This significant deviation from the upper bands suggests heightened volatility, which could either fuel a rebound or drive prices lower.
Over the last 30 days, LINK has consistently held above $13, making it the crucial support level to watch in the coming days.
Chainlink’s Future Hinges on Market Trends and Bitcoin’s Next Move
The crypto market remains divided on what lies ahead for Chainlink (LINK). As a leading oracle service provider, its adoption is heavily influenced by institutional demand and broader market conditions.
Beyond its utility, LINK’s price trajectory is closely tied to Bitcoin and other major altcoins. Currently, Bitcoin has dropped to a new weekly low of $84,19, marking a 3.04% decline in the past 24 hours. Veteran trader Peter Brandt has even suggested that BTC could plunge to $70,000, adding to the bearish sentiment.
Given Chainlink’s historical correlation with Bitcoin, LINK’s price may continue to mirror BTC’s movements until the market leader stages a decisive recovery.
Key Catalyst for LINK’s Price: What to Watch Next
According to a recent report, Chainlink has secured a strategic partnership with the Abu Dhabi Global Market (ADGM). This collaboration aims to establish regulatory frameworks for tokenized assets, accelerate blockchain adoption, and foster global compliance discussions—particularly within the UAE.
Previous LINK price analyses speculated that this partnership could propel the token to a potential high of $44. However, current market conditions suggest a more cautious outlook, with price movements remaining uncertain in the short term.
