That's unbelievable.
There had to be a correction for Link especially after its incredible run of the last few months but now, it's not only a correction anymore but far more than that.
I have expected these coins will be going to the bottom again after a huge pump that happened in the last month. As you said that above if that was not a correction but the people have already started to sold their stash and then move on.
People are not so stupid to hold their links for the long term while they can go out from the market as soon as possible to make more money in another coin.
I believe link will be going out from top 10 CMC. The price is getting dumped so hard and this coin is totally overvalued at this moment.
Look at how people were choosing DOT rather than link for tokenization purpose.