Chainlink LINK Faces Resistance as Profit-Taking Halts Bullish Momentum

Chainlink’s recent breakout above a six-week resistance level at $15.5 has lost steam, leaving traders questioning its near-term trajectory. The altcoin managed to breach the key barrier on May 8th but has since oscillated between $14.84 and $18, unable to sustain upward momentum.

On-chain data reveals a telling story: holders eagerly took profits in the $16-$18 range, capitalizing on gains from the earlier push past $15. This selling pressure, coupled with slowing demand, created headwinds for further price appreciation. The daily chart paints a concerning picture—lower highs and equal lows forming a triangle pattern, while the OBV indicator trends downward for three consecutive weeks.

Market structure remains technically bullish but shows signs of fatigue. Liquidity pools below $15 loom as a potential trigger for a 7% correction. The altcoin’s struggle mirrors broader market stagnation since mid-May, despite chainlink maintaining notable development activity.