Chainlink LINK Consolidates Near Key Support Amid Market Weakness
Chainlink's native token LINK shows signs of consolidation near the $13.57 level, with trading volume holding firm despite a 1% daily decline. The altcoin's price action reflects broader crypto market weakness rather than panic selling, with $430 million in daily volume confirming sustained interest.
Technical analysis identifies the $13.20-$13.30 range as a critical support zone, where buyers have repeatedly stepped in. Recent price recovery attempts lack strong momentum, suggesting continued range-bound conditions. Open Interest data reveals position unwinding rather than aggressive shorting, indicating the recent downward MOVE may be corrective rather than trend-defining.
The token traded within a tight $13.26-$13.74 band over the past 24 hours, demonstrating characteristic stability during market turbulence. Market participants await either a decisive breakout or breakdown to determine LINK's next significant move.
