LINK price retraces once more after falling by 6.59% over the past 24 hours, now trading at $9.66. The overall cryptocurrency market has also weakened because of the rise in treasury yields in the U.S., where the 10-year bond yield surged to 4.52%, marking its highest level since June 2025.
The above mentioned factors have generated a risk-off market sentiment for cryptocurrencies and, therefore, resulted in losses for altcoins such as Chainlink even more significant than Bitcoin. However, some analysts remain hopeful that the LINK price is about to reach an important reversal point despite all the challenges.
What you'll learn 👉
Traders Are Focused on the $11.23 Resistance Level
Crypto analyst 2xnmore believes the most important level for the LINK price right now is the 200-day moving average sitting near $11.23. The analyst explained that Chainlink has spent months building a base after collapsing from nearly $26 during mid-2025 down toward the $7.50 region earlier this year.
We had a look at the LINK chart shared by the analyst, and the market does appear to be stabilizing after that prolonged downtrend. Since bottoming earlier this year, the LINK price has mostly traded between roughly $9 and $10.50 as buyers slowly stepped back into the market.
The RSI indicator has also recovered to around 54 without becoming overheated, which traders usually view as a healthier setup compared to markets that rally too aggressively too fast. The MACD indicator is also getting close to a bullish crossover, though confirmation still has not happened yet.
At the same time, the breakout has not fully arrived. The latest rally attempt stalled near the $11 area before sellers pushed the LINK price lower again. The rejection near the 200-day moving average is still one of the main reasons analysts remain cautious in the short term.
For now, many traders believe the overall trend remains neutral to bearish unless Chainlink can finally close above the $11.23 resistance zone with strong volume behind the move.
Read Also: Crypto Price Prediction for Today, May 15: Chainlink (LINK), XRP, Terra Classic (LUNC)
Why Some Investors Are Still Bullish on the LINK Price
Even with the weak short-term chart, some investors continue accumulating LINK because of Chainlink’s growing role across the crypto market.
Crypto commentator Rick Barber argued that the CLARITY Act could eventually push more serious crypto projects toward Chainlink’s infrastructure standards. His view is that institutional players will increasingly favor networks with stronger security and interoperability systems as regulation becomes clearer.
That discussion comes at an important time for Chainlink. After the $292 million LayerZero bridge exploit earlier this year, several protocols reportedly migrated billions of dollars in assets toward Chainlink’s CCIP infrastructure. Platforms like Kraken, Lombard, and Kelp DAO were all part of that transition.
With the Clarity Act most likely on the path to pass before EOY, serious projects are going to not want to be questionable from a security and integrity standpoint in anyway. Most who have been forgoing the @chainlink standard, for whatever reason, are going to continue to… https://t.co/HhW5EkfB4o
— Rick Barber (@Rick_Barber_) May 15, 2026
Those migrations matter because Chainlink services require LINK tokens for transaction fees and node operator payments. More adoption across tokenized assets and cross-chain transfers could eventually create stronger demand for the LINK price if usage keeps growing.
Large holders also continue showing confidence. Santiment data showed wallets holding more than 1 million LINK increased roughly 25% over the past year, reaching 125 whale wallets. Traders often watch this type of accumulation closely because it usually points to longer-term conviction from bigger investors.
The Market Still Needs Confirmation
However, despite all of the institutional story playing out on Chainlink, LINK is still likely to come under short-term pressure due to the overall market climate. For example, bitcoin dominance is still high, yields at the Treasury are still suppressing riskier assets, and the performance of altcoins continues to be underwhelming.
In addition, we also looked at the technical setup for the cryptocurrency and noticed that rejection at the 200-day moving average makes Chainlink susceptible to yet another approach towards the area of $9-$9.50 support. If bears manage to push below the level of $9.55, they may aim further south at $9.
That said, bulls will have to break above the resistance line at $11.23 to resume positive momentum on LINK. Until then, Chainlink remains stuck in an environment of accumulation rather than a breakout.
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