Chainlink, a prominent altcoin, has been grappling with the common crypto market downturn that has characterized the early phase of 2025, dropping to just above the $12 mark earlier this week. As the bearish pressure continues to mount and investor sentiment wanes, the effects are being felt across the board.
On March 11, Tuesday, Chainlink’s price fell victim to the broad crypto market decline that led Bitcoin, the biggest cryptocurrency, to plummet to $77,000, its lowest in over four months. Other major assets, including Ethereum, also faced the brunt of this recent downfall, with its price slipping under the $2,000 threshold.
However, over the past few days, Chainlink’s price has shown promising signs of recovery. On Friday, March 14, it attempted to reach the $15 mark. The altcoin demonstrated a strong comeback, ranking as one of the top daily gainers with almost 10% growth.
After breaching the $14.5 mark earlier in the day, Chainlink’s price dipped back below the crucial $14 level. At the time of writing, LINK is valued at approximately $13.83, marking a nearly 6% rise over the past 24 hours.
Nevertheless, the single-day performance failed to offset the altcoin’s weekly loss. Data from CoinGecko indicates a decline of over 13% in LINK’s price over the past week.
While Chainlink’s fortune seems to be on an upward trajectory, a specific price point is deemed pivotal to its long-term path. Esteemed crypto analyst Ali Martinez shed light on crucial on-chain levels for LINK in a post on X. His analysis revolves around the average cost basis of several LINK investors.
As per the chart, the dot size directly represents the quantity of LINK tokens purchased within a specific price range, indicating the strength of each level. Based on this data, Martinez highlighted that Chainlink faces significant resistance around the $14.88 – $15 region, where 15,450 investors bought 107.28 million LINK tokens.
This high investor activity has resulted in a supply barrier around the $15.13 mark. Chainlink is likely to face substantial sell-offs as investors look to sell their tokens after reaching their cost basis, potentially impeding further price growth and triggering a price pullback.
However, it’s important to note that no major resistance levels exist beyond the $15.13 mark. Therefore, if LINK successfully surpasses the $15 resistance level, investors could potentially see its price soar to $16.
