Why is Chainlink ($LINK) price down today? Can it recover from here?

In the wake of a global stock market tumble on Tuesday, crypto sector has also faced extreme volatility with Bitcoin dropping below $87,000 and major altcoins suffering similar dips.

According to Coinglass data , in the past 24 hours, $1.49 Billion has been liquidated from crypto market with $1.37 Billion in Longs. The highest liquidation has come expectedly in Bitcoin at $642.34 Million followed by Ethereum at $302.51 million. 

Likewise, $LINK price has been down by 13.71% in the past 24 hours, with its current price at $14.44, from a high of $16.70. If we analyze data for the past one week, the price of $ LINK has dipped to $14.44 from a high of $19.06 on February 21.

$LINK Price Analysis: New Resistance and Support Levels

According to data from Trading View, $LINK has a support at $12 with its resistance at $18. As per current performance, Link has already broke down its support level of $18. We can further expect a dip of $LINK to $12 in the coming 24 hours if the selling pressure continues.

Chainlink Adoption Surges Despite Price Dips

Meanwhile, despite the worldwide market tumble and subsequent downer faced by major cryptocurrencies including $LINK, the Chainlink’s adoption has only surged. As per a recent statement shared on X, there were 12 integrations of the Chainlink standard across 3 services and 14 different chains: Arbitrum, Base, Berachain, Bitcoin, BOB, Core, Ethereum, Fraxtal, Linea, Merlin Chain, Monad, Optimism, Sonic, and Unichain.

Moreover, Etherisc, a decentralized parametric insurance platform, has adopted Chainlink functions on Avalanche. Through Chainlink adoption, Etherisc intends to help over 5000 farmers in Kenya for crop insurance.