Chainlink Down by 5% as Altcoins Collectively See Massive Decline

According to data from CoinMarketCap, Chainlink (LINK) has recorded a 5% drop in price, bringing the altcoin’s 7-days consecutive losses to 10%, at the time of writing. 

Analysis from Santiment also notes that, interestingly, traders were still paying attention to the asset before the dip. 

“Three social dominance spikes appeared for LINK, indicating traders were making moves. The latest occurred just as the price began rising again.” Santiment explained in a tweet.

🔗 #Chainlink's market cap dropped ~5% Friday before bouncing just as the day's trading (UTC time) closed. Three social dominance spikes appeared for $LINK, indicating traders were making moves. The latest occurred just as the price began rising again. 👀 https://t.co/uExbWHPLWw pic.twitter.com/9g6l7c5sIA

— Santiment (@santimentfeed) October 15, 2022

The downswing in the assets’ price has caused it to fall even further away from its October high of $7.92. 

Broader altcoin market continues in a bloodbath 

In August, CoinMarketCap also showed that Link was towering $9, causing analysts to speculate a possible $10 price break. However, Link continued to sustain a continuous decline in trading volume, leading it to its current levels. 

Similarly, other leading altcoins have seen a notable drop in price since the start of this week and had closed off the week in losses. Cardano (ADA) and Solana (SOL) are two of the highest losers, according to CoinMarketCap, while Ethereum (ETH) and Ripple (XRP) have only sustained mild daily losses.