The LINK cryptocurrency has experienced nearly a 40% decrease in the past month, raising questions among investors about a possible comeback. Recent analyses by Ali Martinez, a well-known digital asset market analyst, suggest that the recent LINK price drop is correlated with a decrease in network activity since November 30. The Market Value to Realized Value (MVRV) ratio indicates that individuals who bought LINK in the past 30 days are on average at a 16% loss. Currently, the MVRV ratio for LINK stands at 16.3, potentially indicating a price rebound. Whales have been buying LINK at low prices, purchasing over 1.1 million LINK worth more than $20 million in the last 24 hours, signaling a return of market confidence. However, for an upward trend confirmation, LINK needs to surpass the $19 level to reach the $23.7 target. In the current scenario, $15.5 is considered a key support level. Breaking this level could eliminate LINK’s bullish outlook and lead to further price corrections. On the other hand, the critical resistance levels to watch are $19 and $23.7. Breaking these levels could determine LINK’s next price trend.
