Chainlink (LINK) Price Struggles Near Resistance Zone as It Approaches a Critical Resistance Level at $15

Chainlink (LINK) is trading within a tight range as it nears a critical resistance level at $15. With recent price fluctuations and rising liquidation activity

Chainlink (LINK) is trading in a tight range as it approaches a critical resistance level at $15. The asset has faced difficulties breaking above this zone despite recent price fluctuations and rising liqiuidation activity.

Technical indicators and market data suggest a cautious environment as buyers and sellers react to short-term volatility.

Chainlink Price Struggles Near Resistance Zone

As of May 5, 2025, LINK is trading at $13.64, down 3.55% over the past 24 hours. The price has been rejected multiple times near $14.10, forming a pattern of lower highs and lower lows.

This trend signals continued selling pressure as LINK approaches a key resistance level. Since early April, LINK has moved between $13 and $15. It briefly hit $15.50 in the first week of April before dropping below $13 on April 7, triggering over $4.39 million in long liquidations.

A quick rebound on April 8 led to a round of short liquidations as bearish traders were caught off guard.

According to analyst Ali charts, the $15 level remains the most critical resistance for LINK. He suggests that a confirmed breakout above it could open the door for higher highs.

By late April, LINK stabilized near $14, but another drop occurred in early May. A $2.2 million long liquidation spike on April 30 shows that bullish positions remain under pressure, with $13 now acting as a key support zone.

Liquidations Reflect Market Uncertainty

The 12-hour liquidation chart from Coinglass shows frequent spikes in liquidations throughout April, reflecting how quickly sentiment shifts among leveraged traders. These events show that many were caught on the wrong side of the market during short-term moves.

On April 6 and 7, LINK saw one of the largest waves of long liquidations in recent months. As the price dropped below $13, many bullish traders were forced to close positions. A bounce on April 8 then caused short liquidations, indicating a rapid reversal in sentiment.

Between April 12 and 16, liquidation volumes were low. LINK’s price stayed stable during this period, suggesting a temporary pause in volatility.

Another rise in short liquidations came between April 22 and 24, coinciding with a small price rally. The pattern repeated on April 30 when a sharp decline pushed long traders out again.

These liquidation spikes point to an uncertain market where both bulls and bears have struggled to maintain momentum. Price movements continue to test trader conviction and highlight the risks of leveraged positions.

Whale Activity Slows After April Spike

Large on-chain transactions involving LINK have declined in early May. The latest 24-hour data shows $32.56 million in high-value transfers, down from $98.64 million on April 28. This suggests a drop in whale activity after a short period of heightened trading.

The increase at the end of April may have been driven by profit-taking or repositioning before the price pullback. However, by May 3, large transactions fell to $21.12 million. The reduced activity may signal a wait-and-see approach by whales amid market uncertainty.

Despite the price drop, trading volume rose by 23.85% in the last 24 hours. The volume-to-market cap ratio sits at 2.76%, which indicates active participation. Higher volume during a price decline could reflect either accumulation at lower levels or larger players exiting positions.

Chainlink Technical Overview and Market Structure

Link maintains its position inside a broad range of consolidated prices. The price struggled to sustain $25 support in March before declining yet staying above the $13 long-term support level.

The $10.55 price point which represents the 2023 low for LINK links with the 0% Fibonacci retracement level derived from its $52 all-time high to $10.55 2023 bottom.

The $15 resistance stands as the key price level for observation. LINK establishing a sustainable breakout above $15 resistance could trigger an upward movement to $17.50 and possibly further altitudes.

If the price fails to stabilize at $13 it will trigger a risk of descending to around $10.50.

The current market conditions show LINK price trading beneath its resistance point as it keeps oscillating within a restricted price area.

The price movement requires traders to observe whether it can break above $15 and stay above this resistance level to switch short-term momentum towards buyers.