Chainlink (LINK) Price Struggles at Key Support – Analysts Say the Worst May Not Be Over

Chainlink is testing the $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.

Chainlink (LINK) is currently testing the crucial $12.5 support, aiming for a rebound at this key level, veteran analyst Crypto Rand highlighted.

In a recent X post, the analyst noted that LINK’s price is looking for a bounce at this familiar support, which has held up on multiple occasions previously.

As reported by Chainlink Today, the crypto is testing the lower support of a descending parallel channel, which has been guiding the price in recent weeks. A breakout above the channel could signal a reversal, while failure to hold $12.5 may lead to further downside, opening the door for lower support levels like $10-$10.5.

"There’s more trading volume around $12.5, which might indicate buyers stepping in at this rate. But we’ll need to see stronger buying pressure to overpower the sellers and reverse the downtrend."

If Chainlink manages to stay above $12.5, we could see it rise to $14.5-$15 or even $18-$19 if the momentum carries through. However, if $12.5 gives way, the next support levels could be $10-$10.5 or even $7.5-$8 if things take a turn for the worse.

"We haven’t seen prices that low since mid-2023. There’s also been more trading volume around $12.5, which might indicate buyers stepping in at this rate. But we’ll need to see stronger buying pressure to overpower the sellers and reverse the downtrend."

Crypto Rand further added that Chainlink is at a decision point as the price has been moving in a smaller range, which increases the chances of a large move soon.

"The smaller range (marked in gray) increases the probability of a large move to either key Fibonacci or round stellar levels. If buyers step in at current levels, a rebound could push LINK’s price towards key resistance zones."

Conversely, if $12.5 fails to hold and the sellers take control, Chainlink could continue to decline, aiming for lower Fibonacci support or stellar levels.output: Chainlink (LINK) is currently testing the crucial $12.5 support, aiming for a rebound at this key level, veteran analyst Crypto Rand highlighted.

In a recent X post, the analyst noted that LINK’s price is looking for a bounce at this familiar support, which has held up on multiple occasions previously.

Chainlink is testing the lower support of the descending parallel channel and looking for a bounce at this key $12.5 support, which has held up on multiple occasions.

There’s more trading volume around $12.5, which might indicate buyers stepping in at this…