Chainlink (LINK) Holds Critical Support, Long-Term $100 Rally Remains in Play
Chainlink (LINK) declined 3.33% on February 23, 2026, bringing its weekly loss to 3.55% despite some intermittent buying pressure. The token is trading at $8.53, with a 24-hour volume surging 53.64% to $591.91 million. Its market capitalization fell 3.3% to $6.04 billion.
Technical analysis shows LINK remains confined within a multi-year descending channel, down approximately 86% from its 2021 all-time high near $53. The key demand zone between $7.50 and $5.60 has seen repeated liquidity sweeps and volatility compression, suggesting potential accumulation by larger players. While resistance at the channel's upper boundary remains strong, a decisive weekly close above it could catalyze a breakout. This WOULD open the path toward analyst CryptoPatel's initial target of $26.30, with long-term bulls ultimately eyeing a rally to the $100 level.
