Chainlink is testing $12.5 support right now. This is an important level that’s held up before. Veteran analyst Crypto Rand highlighted this development on X, stating that LINK’s price is looking for a bounce at this key range amid a critical squeeze. Market participants are watching for potential movements in either direction as the asset consolidates within a descending parallel channel.
What you'll learn 👉
Chainlink Price Action and Trend Analysis
LINK has been in a downtrend since peaking above $22 in late December and early January. A clear descending parallel channel has formed, with the price respecting both upper and lower trendlines. The most recent movement shows a test of $12.5, a historically strong support level.
The price action suggests that a break above the descending channel could signal a reversal, while failure to hold $12.5 may lead to further downside. Current market behavior indicates traders are waiting for confirmation before committing to a direction.
Read Also: Time to Buy Solana? Key SOL Support Level Could Trigger a Rebound
LINK Key Support and Resistance Levels
If Chainlink’s price stays above $12.5, we could see it climb back to $14.5-$15 and possibly up to $18-$19 if momentum builds.
But if $12.5 breaks down, look for $10-$10.5 next, or even $7.5-$8 if things get worse. We haven’t seen prices that low since mid-2023.
There’s been more trading volume around $12.5, which might mean buyers are stepping in. But we’d need to see stronger buying to reverse the downtrend.
What’s Next for LINK?
Crypto Rand thinks Chainlink is at a decision point. The price has been moving in a tighter range, which often leads to a big move soon – either up or down. The tightening range increases the likelihood of a sharp move. If buyers step in at current levels, a rebound could push LINK’s price toward key resistance zones. Conversely, if $12.5 fails, lower supports may come into play.
Market participants are monitoring price action, volume trends, and overall market conditions to determine LINK’s next move.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
