Chainlink LINK Tests Critical Support After 15% Weekly Decline as Traders Eye Potential Breakout

Chainlink's LINK token is at a pivotal moment following a 15% drop last week. Currently trading around $13.15, the cryptocurrency is testing a key support level that has historically triggered price rallies. Market sentiment remains split, with technical indicators showing mixed signals.

Trading volume increased by 10% during this consolidation phase, indicating heightened market interest. Analysts are divided on whether this level will serve as a launchpad for recovery or lead to further declines. 'LINK is at a make-or-break point—losing the $12.5 support could accelerate downward movement,' cautioned one analyst, while others highlight this zone's track record of sparking bullish reversals.

The technical setup has become a battleground between bulls and bears, compounded by geopolitical uncertainties. Derivatives markets show $16.2 million in liquidations as traders brace for potential volatility in the coming sessions.