Chainlink price has been falling lately after holding strong for almost two years. Since May 2023, LINK had been moving up along a support line, but now it has broken below this important level. This suggests the price might drop even more in the coming weeks.
For nearly two years, Chainlink’s price kept bouncing off a rising support line that started back in May 2023. Now that line has been broken, and this is a big warning sign for LINK holders.
Crypto analyst Ali (@ali_charts) recently pointed this out, saying: “After breaking below the rising trendline, the next key support levels for Chainlink $LINK are $10 and $7.50!” Ali’s analysis comes from looking at the LINK/USDT chart using 3-day candles.
The support line connected several low points since June 2023 when LINK bottomed at $5.17. Breaking below this line means the upward trend that lasted almost two years might be over.
What you'll learn 👉
Chainlink Price Finding New Support Levels
Right now, LINK is trading at $10.867. This puts Chainlink close to the first support level at $10 that Ali mentioned.
If we look at the Fibonacci retracement levels (a tool traders use to find potential support areas), we can see important price zones:
The $10 mark is not just a round number but sits just above the 0.618 Fibonacci level at $9.88. If LINK drops below $10, the next major support is at $7.50, which is very close to the 0.786 Fibonacci level at $7.48.
Read Also: AI Predicts: What Will 1,000 SUI Tokens Be Worth by End of 2025?
What’s Next for LINK Traders?
Chainlink recently tried to hold at $15 but failed and dropped sharply. This shows there are many sellers in the market right now.
Based on Ali’s chart, LINK would need to climb back above the broken trendline (around $13.50-$14) to change this negative outlook. The clean break below support suggests this downward move is strong.
If you own Chainlink or are thinking about buying, watch what happens at the $10 level. This price might cause a temporary bounce, but if it breaks, Ali’s target of $7.50 becomes likely. This $7.50 level is the last major support before LINK could potentially fall all the way back to where it started in mid-2023.
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