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Like other top crypto assets, Chainlink LINK is red today, August 18. As of 5:44 am EST, the coin is trading at $6.22, with a whopping 8.7% decline in its price in the last 24 hours. Also, its price decreased by 17.5% in the previous seven days.
According to CoinGecko data, LINK is also down by 12% in the last 14 days, 8% in 30 days, and 24% in the previous year.
Space X Shorting Bitcoin Likely Behind Sharp Decline
According to a CNBC report, the crypto market leader, Bitcoin, dropped more than 8% in the last 24 hours trading at the $26,000 price level.
Notably, a company affiliated with Elon Musk, SpaceX, released a report on the value of its Bitcoin holding to be $373 million in 2021 and 2022. Also, the company revealed selling the BTC tokens, although the exact time frame for the sale is uncertain.
This selloff likely spiked the FUD level in the market leading retail trading to enter a selling frenzy translating into a general decline in crypto prices.
Chinese Firm Evergrande Files for Bankruptcy
According to a Financial Times report, property developer China Evergrande filed for bankruptcy protection in the United States. The company defaulted on its dollar debts in late 2021, affecting the Chinese economy negatively with over $19 billion in overseas liability.
The bankruptcy created a ripple effect in the Chinese property sector which might translate to a devaluation of the Yuan.
Also, Yahoo Finance reports that investors reacting to the adverse events liquidated over $1 billion worth of crypto, pushing the crypto market clap close to dropping below the psychological support level of $1 trillion.
Other FUD events in the marker include the approval of a U.S. judge for the SEC to appeal the summary judgment that granted Ripple Labs a partial victory. Furthermore, the Forkast 500 NFT index dropped despite a rise in transactions.
Recent Events in Chainlink Ecosystem
Despite the price decline, Chainlink still forges ahead with its ecosystem development with the Chainlink BUILD project in motion.
On August 17, a blockchain gaming platform, NEOBRED, partnered with the Chainlink BUILD program to benefit from Chainlink’s exciting Web3 services.
NEOBRED will make 5% of its native token supply available to Chainlink service providers and stakers. The NEOBRED platform enables users to breed unique virtual horses backed by NFT technology and train them for racing.
Also, a top DeFi protocol, Blueberry FDN, has integrated Chainlink’s price feeds on Ethereum. These price feeds help secure its products.
The partnerships highlight Chainlink’s commitment to development and will likely translate to a long-term price recovery for LINK tokens.
Although LINK has viral cult-like support from its community (the Marines), the present decline is not a lack of interest from its followers but a combination of several bearish macroeconomic factors.
Chainlink LINK Price Analysis
The daily chart reveals that LINK’s decline began on August 15, with the bears forming lower lows.
The selling pressure persisted till August 17. However, LINK is trading above the $6.17 support level as it looks to enter a consolidation phase. The $6.63 resistance level represents a sell zone where a sharp price decline occurred.
LINK has dropped below its 50-day and 200-day Simple Moving Averages (SMA), confirming the massive liquidations in the crypto market today.
Also, the Relative Strength Index (RSI) indicator hovers above the oversold region of 30 with a value of 31. As selling pressure rises, a drop into the oversold territory will likely lead to a reset and move upward.
However, the Moving Average Convergence/ Divergence (MACD) still shows a strong sell signal, confirmed by its Histogram bars.
Despite the decline in LINK’s price, it enters into an accumulation phase presenting investors a chance to accumulate the tokens ahead of a potential surge.
However, traders must apply caution to avoid opening long positions too soon, as the price might decline further if the $6.17 support fails to hold.
Chainlink Alternative
While the crypto market undergoes volatility, investors could take advantage of a speedy meme coin Sonik Coin, determined to make a lasting impression.
Sonik Coin is a project inspired by the popular Sonik the Hedgehog franchise but with no affiliations whatsoever. After listing, it aims to become the fastest meme coin to attain a market cap of $100 million, expressing a desire to reward its investors.
Sonik Coin is lightning-quick with an exciting roadmap that captures the essence of the project and the interest of its growing community. This project embodies the spirit of spontaneity and endless possibilities for users to profit from seemingly worthless tokens.
Staking for Passive Income
The staking feature sets the project apart from other meme coins giving it more utility and overall value. Users can stake their tokens for impressive gains, with 40% of the total supply dedicated to rewarding stakers over four years.
These rewards will be distributed based on the percentage of a user’s stake in the staking pool. Over 4.98 billion $SONIK tokens have been staked with an APY of 481% at this stage.
SONIK is on presale, with each token worth $0.000014 and over $143,200 raised. The presale target is approximately 2.09 million, and the tokens are easily purchased from a secure crypto wallet using ETH or USDT.
Sonic Coin promises to take its users on an exciting journey based on its detailed roadmap. Stage one focuses on token and staking development: Sonik memes creation and the presale.
Stage two focuses on the Sonik Coin staking launch, marketing campaign launch, and the Sonik Boom Sellout.
Finally, stage three will cover community building, the release of staking rewards, and achieving a market cap of 100 million in record time. Investors should utilize the presales and accumulate the token before a potential price increase once $SONIK lists on exchanges.
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