Chainlink has been under constant selling pressure since the beginning of the year, pushing the token into a critical support zone. Link price It is currently trading near $8.45 after losing more than 1% in the past 24 hours, while trading volume is up more than 27%, indicating increased market activity as the price approaches a crucial level.
The recent decline has also pushed LINK below its short-term moving averages, with the 7-day and 30-day SMA near $8.50 now acting as immediate resistance levels. The lack of a meaningful recovery attempt highlights weak bullish conviction and increases the likelihood of a deeper correction if sellers retain control.
While short-term momentum remains bearish, historical price action suggests that Chainlink may be approaching a pivot zone that previously marked major market bottoms. This raises an important question: Is LINK preparing for another pullback towards $6, or is the current weakness paving the way for a longer-term recovery?
Is the link price approaching the key decision zone?
The weekly chart shows Chainlink trading directly above a long-term support area near $7.5-$8.0. This area has repeatedly served as a major battleground between bulls and bears since 2022, making the current test one of LINK’s most important technical developments in recent years. A breakdown below this range will significantly weaken the long-term structure and expose the next major support area between $5 and $6.
The weekly RSI continues to trend near the oversold zone, forming lower highs and lows below the downtrend line. Meanwhile, the MACD is still in the bearish zone but is showing early signs of stabilization. The chart is starting to flatten, indicating that the downward momentum is no longer accelerating at the same pace as we saw during the previous stages of the decline.
Key levels of monitoring
- Instant Support: $7.50 – $8.00
- Main Support: $5.00 – $6.00
- Immediate resistance: $8.50 – $8.60
- Short-term breakout level: $10.00
- Key Resistance: $12.50 – $13.00
Bottom line
Chainlink price has entered one of the most important price zones in years, with the $7.5-$8 area now acting as a last line of defense for bulls. While the broader trend remains bearish, a breakout could expose LINK to the $5-$6 support range. The next few weekly closes will likely determine whether LINK faces another capitulation event or begins building the foundation for a sustainable recovery.
Was this writing helpful?
The story ends here
Trust with CoinPedia:
CoinPedia has been providing accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert team of analysts and journalists, following strict editorial guidelines based on EEAT (Expertise, Expertise, Credibility and Trustworthiness). Each article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy ensures unbiased reviews when recommending exchanges, platforms or tools. We strive to provide timely updates on everything cryptocurrency and blockchain, from startups to industry specialties.
Investment Disclaimer:
All opinions and ideas shared represent the author’s own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication accepts responsibility for your financial choices.
Sponsored and advertisements:
Sponsored content and affiliate links may appear on our site. Ads are clearly labeled, and our editorial content remains completely independent from our advertising partners.
Read upcoming news
