
Chainlink has remained under persistent selling pressure since the beginning of the year, pushing the token back toward a critical support zone. LINK price is currently trading near $8.45 after losing more than 1% over the past 24 hours, while trading volume has surged by over 27%, suggesting heightened market activity as the price approaches a decisive level.
The latest decline has also pushed LINK below its short-term moving averages, with both the 7-day and 30-day SMAs near $8.50 now acting as immediate resistance levels. The lack of a meaningful recovery attempt highlights weakening bullish conviction and raises the possibility of a deeper correction if sellers maintain control.
While short-term momentum remains bearish, historical price action suggests Chainlink may be approaching a pivotal area that has previously marked major market bottoms. This raises an important question: Is LINK preparing for another leg lower toward $6, or is the current weakness setting the stage for a long-term recovery?
The weekly chart shows Chainlink trading directly above a long-standing support region near $7.5-$8.0. This zone has repeatedly acted as a key battleground between bulls and bears since 2022, making the current test one of the most important technical developments for LINK in recent years. A breakdown below this range would significantly weaken the long-term structure and expose the next major support zone between $5 and $6.
The weekly RSI continues to trend near oversold territory, forming lower highs and lows below the descending trend line. Meanwhile, the MACD remains in bearish territory but is showing early signs of stabilization. The histogram has started to flatten, indicating that downside momentum is no longer accelerating at the same pace seen during the earlier stages of the decline.
Key Levels to Monitor
Chainlink price has entered one of its most important price zones in years, with the $7.5-$8 region now acting as the final line of defense for the bulls. While the broader trend remains bearish, a breakdown could expose LINK to the $5-$6 support range. The next few weekly closes are likely to determine whether LINK experiences another capitulation event or begins building the foundation for a sustained recovery.
The U.S. Securities and Exchange Commission has approved a Cboe BZX rule change allowing six…
Cardano founder Charles Hoskinson has said cryptocurrency is entering a period of rapid technological growth,…
Ethereum price is hitting the same $2,800 hurdle again, but the latest on-chain signals suggest…
Bitcoin surged from $84,500 to $87,200 in just 15 hours, liquidating $216 million in short…
Korea Blockchain Week's XRP-focused event opened its doors October 3 at the Grand Hyatt in…
The SEC greenlit a Cboe BZX rule change on October 2, allowing Volatility Shares to…