The cryptocurrency market has suffered extreme volatility following a sharp global stock market downturn on Tuesday. Bitcoin (BTC) dropped below $87,000, while major altcoins, including Ethereum (ETH) and Chainlink (LINK), faced similar declines.
Massive Liquidations Hit Crypto Market
According to Coinglass data, the past 24 hours have seen a staggering $1.49 billion liquidated from the crypto market, with $1.37 billion in long positions. Bitcoin led the liquidation spree with $642.34 million, followed by Ethereum at $302.51 million. The broad sell-off highlights the growing correlation between traditional financial markets and the crypto sector.
Chainlink (LINK) Price Plummets, Faces Key Support Levels
Chainlink (LINK) has been one of the hardest-hit altcoins, plummeting by 13.71% in the last 24 hours. Currently trading at $14.44, LINK has sharply declined from a weekly high of $19.06 on February 21.
Technical analysis from TradingView suggests that LINK has already breached a crucial support level at $18, with the next key support at $12. If selling pressure persists, LINK could drop further to this level in the coming days.
Chainlink Adoption Surges Despite Market Downturn
Despite the sharp price decline, Chainlink’s adoption continues to rise. According to an official statement on X (formerly Twitter), Chainlink’s technology was integrated across 14 blockchain networks, including Ethereum, Optimism, Arbitrum, and Bitcoin. The network recorded 12 new integrations across three services, highlighting its growing utility in the Web3 space.
.@etherisc—a decentralized parametric insurance platform—has adopted Chainlink Functions on @avax.
— Chainlink (@chainlink) February 24, 2025
Functions powers Etherisc's parametric crop insurance in Kenya, helping over 5,000 farmers in collaboration with @Lemonade_Inc to support 1 million farmers globally. pic.twitter.com/VgpQFbGBsA
Moreover, Etherisc, a decentralized parametric insurance platform, has adopted Chainlink Functions on Avalanche to support crop insurance for over 5,000 Kenyan farmers. This move underscores Chainlink’s real-world applications even amid market turbulence.
Also Read: Chainlink (LINK) Eyes $47.15 Breakout—Is a 150% Surge to $88 Next?
While the crypto market remains highly volatile, analysts are closely monitoring Bitcoin’s price action and liquidity trends. If macroeconomic uncertainties persist, further liquidations and price dips across altcoins like LINK could follow. However, Chainlink’s ongoing adoption suggests that its long-term fundamentals remain strong despite short-term price fluctuations.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of CoinBrief.io. Before making any investment decisions, you should always conduct your own research. Coin Brief is not responsible for any financial losses.
