Chainlink is at a crucial moment as its price reaches a critical support level. Analysts debate whether this position can be maintained or if it will break lower.
Key Support and Resistance Levels
On the chart, Chainlink has been moving within an ascending channel. The lower trend line acts as strong support, historically causing the price to bounce. Conversely, the upper trend line is a resistance zone where the price pulls back after rallies. Recently, the price hit $28–$30 before sharply declining back to support at the $10–$11 range.
Short-Term Projections and Market Sentiment
Currently, LINK shows signs of recovery, with buyers stepping in near support. If it holds this level, there is potential to move back toward $25–$30 in the coming weeks. However, if Chainlink's price falls below $10, a deeper correction might occur before another rally. As of now, market sentiment remains positive, with many traders expecting higher targets in the long run.
What's Next for Chainlink?
Despite short-term uncertainty, the bigger picture for Chainlink remains bullish. The price has repeatedly bounced off this trendline, and if history repeats itself, a strong upward move could be ahead. It all hinges on whether LINK's price can stay above $10–$11. If it does, the next target could be $25–$30, with some analysts still believing it could reach $100 this cycle. Otherwise, a deeper correction might occur before the next major upward move.
Either way, it's a crucial moment for Chainlink holders.
