Chainlink price has crashed this year, continuing a trend that started in December when it peaked at a multi-year high of $30.78.
Chainlink dived to $17.4 on Saturday, down by 43% from its highest level in December. Its crash mirrors the happenings among altcoins as most of them have retreated in the past few months.
Still, there are three key reasons why the LINK price may bounce back later this year.
First, there are signs that many Chainlink holders are not selling their coins. One piece of evidence is that balances on exchanges have continued falling this year. CoinGlass data shows that these balances have dropped to 138.8 million LINK coins, the lowest level since September last year. They plunged from 160 million in December.
