Chainlink (LINK) Price Hits a Make-or-Break Level: Will Support Hold or Is a Freefall Next?

The crypto market dropped by more than 4% in the last day. Chainlink's (LINK) price has fallen even more, down over 6%.

Chainlink (LINK) price has dropped by more than 6% in the last 24 hours, even more so than the crypto market, which is down 4% at the moment.

At the time of writing, LINK trades at $13.45, still 74% below its all-time high price. Analysts have been warning about a multi-year support trendline that LINK is testing at the moment.

If the price fails to find buyers at this level, then the cryptocurrency could continue lower.

As seen on the chart by Elite analyst AMCrypto on X, Chainlink has been following an upward-sloping line since 2018, which has been a strong zone.

If the price breaks below this trendline, then it could open the door for more weakness, with the next support zone coming between $10 and $11 if LINK fails to hold above the trendline.

A weekly candle close below the trendline would be devastating for #Link price.

If the support holds, we can expect a price recovery towards 15$.

However, a breakdown of the long-term bullish structure could send #Link to 7$ - 8$ lower. #crypto #charts https://t.co/159q70pQ6r

If the support at the trendline holds, then it could spark a price rebound, which would be crucial for LINK bulls.

However, if the bears manage to break below the trendline, then it would negate the long-term bullish structure, which could send LINK lower toward the $7–$8 range.

Short-Term Charts Show Weak Buying Activity At $14-$16 Resistance

Short-term charts show that LINK’s price has been struggling to regain momentum after encountering strong resistance.

Short-term charts show that LINK’s price has been struggling to regain momentum after encountering resistance in the $14.70-$16.00 zone.

The price has been forming lower peaks and troughs, indicating that sellers are gaining more control.

It is currently facing an immediate resistance at $14.00, and if the price fails to break through this level, then it could continue lower toward the next support zone at around $12.50 if the bears manage to sink the price below $13.50.

Cut my losses on $LINK after it lost a key support and the buying volume is still weak.

It seems like the price is largely driven by #Bitcoin in the broader market.

Bitcoin and ETH are now in a downturn, which might put more pressure on LINK's price action.

If LINK manages to close a weekly candle above the trendline, then it could set the stage for a strong rally in the coming months.

However, if the price fails to find buyers at this level, then it could continue lower toward the next support zone, which is coming into focus.

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