Why Chainlink Price Faces More Pain Amid Overvaluation Risks

Chainlink price is in a precarious position as price action got rejected at the $12.50 mark. Now, LINK risks dropping 48% if the market conditions do not change because the recent price rejection completed a multi-month bearish reversal pattern. On-chain metrics support a heavy crash ahead for the Oracle service provider unless general market conditions change. The price of LINK dropped by 2% over the last 24 hours to trade at $11.18.