By Nermeen Nabil Khear 
TLDR
- LINK has dropped 12% in the past week, currently trading at $18.64 with Bitcoin below $96K
- Major resistance level identified at $23.78, where 14.18% of holders bought in
- Whales recently sold 4.13 million LINK tokens, showing possible declining confidence
- Trump’s World Liberty Financial made a large LINK purchase, adding to bullish sentiment
- $18 serves as a crucial support level within the Bull Market Support Band (BMSB)
Chainlink (LINK) is experiencing market pressure as its price sits at $18.64, following a 12% decline over the past week. The drop coincides with broader market movements, including Bitcoin’s fall below $96,000.
The cryptocurrency’s trading volume has decreased by 18%, reaching $397.13 million, indicating reduced investor activity in recent days. This decline in volume comes as major holders, known as whales, have sold off 4.13 million LINK tokens.
Current data shows that 78.95% of LINK holders purchased their tokens at an average price of $15.28, keeping them in profit despite recent market movements. However, another group of holders, representing 14.18% of the total, bought in at an average price of $23.78 and are currently at a loss.
LINK Price
The $23.78 price point has emerged as a key resistance level for LINK. Crypto analyst Ali Martinez points out that this level is particularly important because a large number of investors who bought between $20.96 and $26.25 may try to sell their holdings to break even.
The most critical resistance zone for #Chainlink $LINK to break is $23.78. A breakout above this level could pave the way for a new bull rally! pic.twitter.com/FMxIyu0iR8
— Ali (@ali_charts) February 7, 2025
The recent whale activity has added pressure to LINK’s price recovery efforts. The sale of 4.13 million tokens by major holders typically suggests declining confidence in the short-term price outlook. This large-scale liquidation has contributed to the sharp weekly price drop.
LINK’s current price represents a 64.2% decrease from its all-time high of $52.70, reached during the 2021 bull market. The token has not approached these levels since, despite various positive developments in the Chainlink ecosystem.
On the technical analysis front, traders are watching the $18 support level closely. This price point falls within what traders call the Bull Market Support Band (BMSB), a technical zone that often determines trend direction in cryptocurrencies.
If LINK maintains its position above the $18 support level, it could potentially move toward the $22-$25 range, where additional resistance awaits. However, a drop below $18 might trigger more selling, potentially pushing the price toward the $14 support zone.
The MACD (Moving Average Convergence Divergence) indicator currently shows positive momentum, with the MACD line crossing above the signal line. This technical signal suggests buyers have some control in the short term, though low trading volumes may limit sustained upward movement.
Some analysts have identified a symmetrical triangle pattern in LINK’s price chart. This pattern sometimes precedes major price movements. If LINK breaks above the resistance level, potential targets include $28.50, $36.50, and $50.
World Liberty Financial, a project associated with Trump, has made a large purchase of Chainlink tokens. This acquisition adds a bullish factor to LINK’s long-term outlook, despite current price struggles.
The cryptocurrency’s support levels remain at $9.20 and $4.80, based on historical price action. These levels have held during previous market downturns and continue to serve as potential safety nets.
Trading volume remains a key metric to watch. While price action has shown some bullish signals, the current low volume suggests limited buying pressure to drive LINK toward higher price levels.
Looking at LINK’s price history, the token experienced a 1,400% increase from early 2020 to mid-2021 before entering a longer accumulation phase. Recent price movements suggest LINK may be emerging from this phase.
The post Chainlink (LINK) Price Analysis: Here’s The Levels You Need to Watch appeared first on Blockonomi.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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