• LINK trades below the 20-week SMA and mid-Bollinger Band, reflecting ongoing bearish sentiment.
• MACD shows a bearish crossover, with growing red histogram bars confirming downward pressure.
• The key support zone at $14–$15 could determine LINK’s trajectory toward a $27–$46 rally.

Chainlink (LINK) continues to struggle with bearish market momentum. The token has recorded a notable drop of roughly 7.71% within the last 24 hours, reflecting ongoing selling pressure. Over the past week, LINK has declined by a significant 21.43%, highlighting continued weakness in its short-term price performance.

At the time of writing, LINK is trading at $14.76 with a 24-hour trading volume that has impressively surged by 72.06% to reach about $1.47 billion, signaling increased participation from traders despite the downturn. Meanwhile, its market capitalization stands around $10.28 billion, maintaining its position among major crypto assets.

Source: CoinMarketCap

Also Read: Chainlink (LINK) Price Near Support: Is a Powerful Move Toward $27.72 Next?

Chainlink Technical Outlook Point to Selling Pressure

From the technical perspective, price is down from the mid-$20s at the beginning of the year and is currently below the middle Bollinger Band (20-week SMA), indicating bearish momentum. Support could be offered by the lower band at approximately $12.30, with resistance at the upper band at approximately $27.18. This is because expanding Bollinger Bands convey increasing volatility.

Source: TradingView

RSI is close to 41 with reducing momentum but not oversold yet, reflecting a bearish situation. The MACD line is crossed below the signal line with expanding bars turning red. This indicates increasing selling pressure. Traders are looking at lower support levels and waiting to see if it stabilizes before it can have a potential reversal.

Chainlink (LINK) Could Rally to $46 if Key Support Holds

Moreover, a prominent crypto analyst, Ali, revealed that Chainlink (LINK) is at a critical juncture and the current support zone between $14 and $15 is a crucial breakpoint. A breakdown below this support could spell more losses for the token. The short-term behavior of LINK will be determined in the next few days.

Source: X

A potentially strong bullish jump could be at hand if LINK is able to sustain itself above the price of $14. The price targets that fall between $27 and $46 are currently under close observation. Traders and investors are eagerly waiting to see if there is acceleration in buying pressure.

Lack of support for such a level could see market uncertainties emerge with regard to market volatility. Low levels could be attained if bearish actions take place in the market. Traders in the market should focus on volumes and overall market conditions for strategic guidance.

Also Read: Chainlink Approaches $20 Resistance Following Ethereum Foundation Endorsement