The current Chainlink price indicates a sharp bearish momentum, and bears could again creep into the market. Over the past few days, the market was on an uptrend, aiding LINK’s recovery. However, traders have been spooked by the current recession, and the building selling pressure is creating new lows.

Chainlink has strong long-term growth potential

The bears are currently in a dominant position, and they have suffered immense losses over the past few days. At the time of writing, the token was trading at $7.67 after a 4.2% decline during the past 24 hours. The token is also down by 85.5% from its all-time high created in May last year.

The current situation in cryptocurrency is worrisome. Some investors believe that the market has reached its bottom, while others believe that this bottom has yet to be achieved. This has created debate over whether more dips could be expected or the market will pump to new highs.

Your capital is at risk.

As the market is yet to show any strong signs of a recovery, traders could refrain from buying the token, and the price uptrend could be impossible. Those who want to buy LINK at the ongoing prices can report major gains in the future.

After making an uptrend during the past few days, LINK hit highs of $8.11, but it found it impossible to sustain the highs. The price has failed to hold the critical support level at $8. It has dropped below this level, and to could also test the support level at $7.50 again. The token could make massive losses if the prices drop below $7 because this could trigger panic among traders and trigger selling pressure.

Chainlink price feeds go live on Solana

One of the most adopted features of the Chainlink protocol is the oracle nodes. Oracle nodes have been adopted across the decentralized application (DApp) sector because they allow investors to access the real market value of tokens and products, allowing these DApps to run smoothly.

The Chainlink price feeds recently went live on the Solana network. Through the integration, it will be possible for developers to access a wide range of price feeds, including those of different tokens such as Bitcoin, Ether, USDC, and others.

These price feeds can boost a sense of decentralized by top crypto apps. Solana is one of the best blockchain networks in terms of scalability, and over the past year, it has attracted some of the best smart contract applications that offer better performance and good risk management. This integration will allow Solana developers to access Chainlink price feeds and oracle services.

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