Chainlink (LINK) Price Prediction: Could Be on the Brink of Surrendering to $10

‘s price could be on the brink of surrendering to $10 after being rejected over the weekend. However, the altcoin’s rejection is not the only red flag.

Chainlink (LINK) price could be heading toward $10 after it faced rejection above $15 over the weekend, and this decline might continue as many LINK holders moved hundreds of thousands of coins to exchanges.

On-chain analysis shows that many LINK holders moved a large sum of coins to exchanges over the weekend, suggesting that the bears are active again, and Chainlink’s token price could be facing pressure.

Chainlink Sees Massive Sell-Offs

According to Santiment data, Chainlink’s exchange inflow spiked to 300,000 tokens on Sunday, May 18, just as LINK faced rejection near $16 and began to fall.

This surge signals a clear intent to sell, as holders moved large amounts from self-custody to exchanges. Usually, rising exchange inflows put pressure on the price to trend lower.

If the inflow had dropped, the sentiment would have been bullish, and the Chainlink token price might have shown strength. But this lack of restraint from sellers leaves little room for a bullish turn, at least for now.

A closer look at the metric shows that LINK could be following the pattern from May 16. During that period, the exchange inflow surged by about 600,000.

By the next day, LINK’s price had dropped from $17 to $15. So, if history repeats itself and more tokens keep flowing into exchanges, the altcoin might see a lower value.

Moreover, an examination of the daily chart shows that Chainlink’s price has faced rejection at three key zones lately. First, it was the $17.61 resistance.

Later, it failed to break the $16.36 roadblock while struggling to move past $15.92. Throughout history, when a cryptocurrency fails to pass these hurdles, an extended correction might follow.

For instance, in March, the cryptocurrency got rejected by nearly $15.92. In less than two weeks, the Chainlink price slid to $10.35.

With the red line of the Supertrend above the current value, LINK is unlikely to see a breakthrough past $17 anytime soon.

LINK Price Analysis: Bearish Pressure

The technical setup on the daily chart was not not different. As seen below, the Moving Average Convergence Divergence (MACD) has dropped to the negative region.

This decline indicates bearish momentum, especially with the formation of a bearish crossover. For context, the bearish crossover occurred as the 26 EMA (orange) crossed above the 12 EMA (blue).

If this trend continues, Chainlink’s price might fall below the support level of $14.98. In that case, LINK’s next target might be a correction toward $10.05.

Alternatively, if bulls defend the $14.98 support and buying pressure increases, this prediction might not come to pass.

In that scenario, LINK’s price might break the resistance at $18.03 and rally above $20.