Chainlink Price Faces Potential 40% Drop as Key Support Zone Under Threat

Chainlink (LINK) is currently facing a concerning downward trend, with prices dropping around 25% since mid-May. Analysts warn that the price could plunge further if crucial support levels fail to hold, potentially reaching as low as $8. This decline comes as LINK approaches a key support zone near $12.30 on chart analysis. Ali (@ali_charts), an experienced crypto trader, highlighted this critical level, noting it has historically acted as a reliable rebound point for LINK price in the past.