- LINK is losing trading momentum as short bets increase, and support at $14.25 gets tested again.
- Resistance at $15.77 holds firm while sellers push the price down, eyeing a possible move to $12.70.
Chainlink’s recent 22% climb met sharp resistance, raising questions over how long the support at $14.25 can hold. The altcoin slipped 5.25% in the past 24 hours, trading at $14.40 as of writing time. This drop came alongside an 11% decline in trading volume, pointing to waning market interest.
On-chain figures mirrored that cooling. Daily Active Addresses fell by 13%, according to IntoTheBlock. That kind of user activity typically decreases and reflects hesitation among holders and traders. At the same time, CoinGlass showed rising short positions and leveraged bets, particularly near the $14.25 and $15.77 levels.
Pressure is clearly building at both ends. If the cryptocurrency drops to $14.25 again, $2.90 million worth of long positions stand to be liquidated. If price rebounds toward $15.77, roughly $15.37 million in short positions could be wiped out. Traders seem more confident that LINK will stay under resistance for now.
$15.77 Rejection Builds Bearish Case for LINK
Repeated failures to break the 200-day Exponential Moving Average have turned $15.77 into a serious ceiling. The pattern of lower highs suggests a downtrend may take stronger hold. Each time the cryptocurrency approached this resistance, sellers quickly stepped in.
That same structure is repeating for the third time. Unless the token flips $15.77 into a support level, analysts expect a drop toward $12.70, marking a possible 10% slide. Technical traders are watching closely to see if this bearish setup will continue playing out.
A trader, Rick Barber, noted on X, “$Link is at the golden pocket retrace level right now.” He highlighted a bearish RSI and a price drop below the 200-day moving average as short-term warning signs. Geopolitical tension and Bitcoin’s instability are adding to the caution.
Hopeful Predictions Persist Despite Economic Concerns
Not all observers are bearish. Some analysts still see potential for a bigger move. The team at Bitcoinsensus pointed out that LINK has formed a bullish wedge breakout pattern multiple times before, each followed by major rallies.
They believe the current pattern might be setting up for another run. “$LINK Is Winding Up for a Massive Move,” read the analysis on X. Their long-term target sits at $41, drawn from the top of a multi-year trendline.
Recent partnerships may support that case. CNF reported that Chainlink collaborated with JPMorgan’s Kinexys and Ondo Finance to execute a cross-chain delivery versus payment (DvP) settlement between a permissioned payment system and a public testnet. That successful integration showed LINK’s real-world utility is still in development.
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