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The price of LINK (CRYPTO: LINK) has dropped sharply in recent days, falling to a low of $4.78 on Thursday. This decline comes after LINK faced strong selling pressure that pushed it below the critical support level of $5.05, opening the door for further declines.

Here's a look at what happened and what traders are watching now.

What Happened: LINK had been trading in a bullish channel since March, with sellers emerging around the Fib 1.618 at $5.05. However, buyers returned quickly on dips, preventing LINK from falling below this Fib level on Monday.

After holding this support, LINK staged a strong rally that took it to a new all-time high of $5.91 on Wednesday. But sellers returned in force, pushing LINK back down below the Fib 1.618 at $5.05 on Thursday.

This move lower also saw LINK break below the lower Bollinger Band, indicating that the selling activity is strong and could continue to drive the price down.

What Traders Are Watching: Traders will now be keeping an eye on the Fib 1.272 at $4.37, which could provide some support to LINK if it continues to fall.

However, if sellers can push through this Fib level, then LINK could continue to decline towards the Fib 1 at $3.30.

On the other hand, if buyers manage to return and push LINK back above the Fib 1.618 at $5.05, then traders could target a move back to the all-time high at $5.91.

A rally back above the lower Bollinger Band would also be a bullish sign that could indicate that the selling activity is waning and that buyers are regaining control.

What's Next: The short-term trend in LINK is bearish as long as it trades below the Fib 1.618 at $5.05.

However, if LINK manages to close a day of trading back above this Fib level, then it could be a sign that buyers are returning and that the short-term trend is shifting back in their favor.

In the longer term, LINK remains in a bull market, and traders will be watching for signs of this trend continuing or shifting.