Chainlink LINK at Critical Juncture: Bulls Must Reclaim $15 to Avoid Further Downside
Chainlink's LINK token is at a pivotal moment as it battles to reclaim the $15 resistance level. Recent price action shows weak bullish momentum, with the token fluctuating between $13.50 and $14.50 following a sharp pullback from late May highs NEAR $15.80. Market hesitation is evident, with flattened open interest and reduced speculative trading.
While the 1-hour chart indicates some stabilization, broader technical indicators point to potential downside risk. Aggregated Open Interest data reveals a decline from 4.8 million contracts to 3.42 million, reflecting decreased Leveraged positions and cautious trader sentiment. LINK's short-term direction will depend on whether buyers can push past $16 or if sellers will trigger another downward move.
