The Chainlink price has dropped to an eight-month low as the coin fell from the $6.30 price level. Since the Chainlink price has touched a multi-monthly low, the chances of the price turning around remain extremely likely. As Bitcoin slipped on its chart too, most altcoins have been depreciating on their respective charts as well.

The technical outlook of the coin was bearish as accumulation decreased due to an increase in liquidation. Broader market support is necessary for LINK to propel its price to a higher level. For instance, Bitcoin has been stuck between the $17,400 and the $18,000 price levels.

If BTC trades above the $17,400 level, multiple altcoins can potentially rally. Although the overall trend of the Chainlink price does not clearly indicate a breakout on the upside, the coin currently trades near a level that has previously triggered several rallies for the coin. Chainlink’s trading volume has decreased, indicating that bears have taken control of the market.