• LINK drops 3.45% in 24 hours, trading at $18.19 with declining market sentiment.
• Over 54 million LINK tokens accumulated at $16, signaling strong investor confidence in support.
• LINK’s price tests key resistance at $28, signaling a potential breakout and bullish trend shift.

Chainlink (LINK) continues its downward price trend, showing a steady decline in market performance. Over the past 24 hours, LINK has fallen by approximately 3.45%, while the weekly chart indicates an additional 3.82% drop. This persistent bearish movement suggests reduced investor confidence and growing selling pressure in the market.

Currently, LINK is trading at $18.19 with a 24-hour trading volume of $1.23 billion, marking a 3.58% decline. Its market capitalization stands at $12.33 billion, reflecting the ongoing weakness in price momentum. If selling pressure continues, LINK may face further challenges maintaining stability in the near term.

Source: CoinMarketCap

Also Read: LINK’s Bearish Reversal: Will Chainlink’s Price Drop to $13?

Chainlink Faces Strong Buying Pressure Below $16

A significant accumulation of 54.47 million Chainlink (LINK) tokens has been observed at a price of $16, highlighting a strong support level for the asset. This suggests that investors and traders view this price point as a key area of value, possibly indicating confidence in its future performance. The large volume accumulated at this level could act as a psychological barrier, making it more challenging for the price to drop significantly below $16.

Source: @ali_charts

The buildup at this level supports that of $16 as a strong support zone in providing insulation against possible downward price action. If the price falls closer to this barrier again, it may entice even more buyers seeking the advantage of settled support to send it upward in price again. This good support may be essential to the stability of LINK in the short to medium term.

Trendlines Indicate Potential Bullish Reversal for LINK

According to crypto analyst @cryptoWZRD_, the chart shows ChainLink’s price highlights key resistance levels at $30.00, $28.00, and $26.00, where the price has previously faced rejection. Support is observed around $20.00, which has held during recent dips, with further support levels at $16.00, $12.00, and $10.00.

Moreover, a bearish red downtrend line with lower highs indicating a downtrend and a bullish blue downtrend line hinting at a possible reversal. The present price bounced off the support of $20.00 and is currently testing the top edge of the bullish trend channel, which may result in a breakout in case of sustained momentum.

Source: @cryptoWZRD_

The price action was highly volatile throughout October. The price would be pushed up to $30.00 at least or even more on a breakthrough above the $28.00 resistance level. The blue bullish trendline is significant; on a breakthrough above it, it would mean a new bullish trend is imminent. Key levels should be watched carefully by traders for possible price movements.

Also Read: Chainlink Ecosystem Grows with MegaETH, LINK Eyes $22