Chainlink LINK Tests Crucial Resistance as Traders Anticipate Potential $10 Breakout
Chainlink (LINK) is currently trading around the $8.80-$9.00 range, testing a critical resistance zone that will likely determine its near-term price direction. The token has rebounded from the $8 support level but is encountering significant selling pressure NEAR the $10 mark—a level that has consistently capped upward moves since the market downturn in November.
The broader market structure remains bearish below $12, with recent spikes in trading volume confirming distribution activity. While momentum indicators are showing tentative signs of recovery, the lack of aggressive accumulation suggests that bullish conviction remains weak. A successful weekend breakout above $10 could trigger a wave of short-covering, but a failure at this key level may reinforce the prevailing downtrend.
