Foreign media analysis suggests that Chainlink has been under continued pressure recently, with its price falling back to near a key support area that has been repeatedly tested over the past few years. LINK is currently trading at around $8.45, a slight decrease in the past 24 hours, while trading volume has increased significantly, indicating that funds are accelerating their battle near this important price level.
Prices returned to the $7.50 to $8.00 range.
From a weekly chart perspective, the $7.5 to $8 range has been a key area that LINK has tested multiple times since 2022. This level has previously acted as both support and significant resistance, so this pullback is seen as a point of directional choice in the short term.
The article argues that if this area is breached, LINK's medium- to long-term trend will weaken further, with the next stronger support level potentially shifting down to the $5 to $6 area. If the price can stabilize within the current range, it could attract new buying interest.
Trading volume increased, but the downward trend has not yet reversed.
The report noted that LINK has faced persistent selling pressure for some time, and its overall performance this year has been weak. Although trading volume increased by more than 27% compared to the previous day, indicating increased market activity, the short-term trend has not yet escaped its bearish state.
From a technical perspective, the weekly Relative Strength Index (RSI) is still close to oversold territory. Although the MACD is still in bearish territory, there are signs that the downward momentum is slowing down, and the histogram is flattening, meaning that the decline is not expanding as rapidly as before.
The market is focusing on several key price levels.
- Near-term support: $7.50 to $8.00
- Key support levels: $5.00 to $6.00
- Near-term resistance: $8.50 to $8.60
Furthermore, $10 is considered a key level for a short-term upward breakout, while the main resistance lies in the $12.5 to $13 range. The report suggests that the closing performance of the next few weeks will determine whether LINK continues its downward trend or begins to build a more sustainable recovery.
