Chainlink (LINK) Pulls Back From $15.50 as Market Momentum Weakens

Chainlink''s LINK token dropped 6.7% to $14 during Thursday''s trading session, wiping out most of its weekly gains despite maintaining a 9% seven-day increase. The decline reflects profit-taking after recent strength, exacerbated by technical resistance and broader crypto market weakness.

Analysts had previously targeted $20 as a potential milestone during altcoin season, but the inability to hold above $16 has dampened sentiment. The asset now faces challenges in regaining momentum, leaving traders to debate whether this is a temporary consolidation or the beginning of a more significant correction.

Technical indicators present a neutral outlook. LINK''s RSI and MACD indicate balanced buyer-seller dynamics, while the $20 level remains a critical resistance point for 2025 targets. Continued pressure below $15 reduces near-term rebound potential, though a breakout could pave the way toward the $25-$30 range projected for late 2024.