Chainlink (LINK) has dropped 5% in price, increasing the altcoin’s 7-day losing streak to 10%. At the time of writing, LINK is changing hands at $6.89.
LINK/USD 4-hour chart | Source: TradingView
Chainlink Down by 5% as Altcoins Collectively See Massive Decline
According to Santiment’s analysis, traders were still paying attention to the asset before the drop. “Chainlink’s market cap dropped ~5% Friday before bouncing just as the day’s trading (UTC time) closed. Three social dominance spikes appeared for LINK, indicating traders were making moves. The latest occurred just as the price began rising again.” Santiment explained in a tweet.
The downswing in the asset price has caused it to fall even further from its October high of $7.92. In August, CoinMarketCap also showed that Link was towering $9, causing analysts to speculate a possible $10 price break. However, Link continued to sustain a continuous decline in trading volume, leading it to its current levels.
Similarly, several top cryptocurrencies have witnessed significant price drops since the beginning of this week and have ended the week in the red. According to CoinMarketCap, Cardano (ADA) and Solana (SOL) are two of the worst losers, while Ethereum (ETH) and Ripple (XRP) have only suffered minor daily losses.