Chainlink (LINK) has had a pretty rough month, dropping as much as 45% after marking a $37 all-time high on Feb. 20. While the recent losses may look surprising when compared against other altcoins' gains, LINK still managed to rally 640% over the past nine months.
Therefore, there should be no reason to interpret the failure to sustain above $32 as a trend reversal. On-chain indicators like daily active addresses and transactions, along with the open interest on futures contracts, continue to display strength.