Chainlink (LINK) Faces Pivotal Resistance Test as Market Sentiment Cools

Chainlink's LINK token is testing a crucial resistance level, currently trading between $12.50 and $15.00 after months of consolidation. The $15.30 mark has emerged as a decisive threshold—a breakout could push prices toward $18, while failure may trigger a pullback to $10 support.

Market caution prevails as LINK's open interest in derivatives contracts drops to $590 million, significantly lower than its early 2024 peak of $1.1 billion. This decline in Leveraged positions reflects subdued expectations, despite LINK's modest 0.76% intraday gain to $13.26.

Technical analysis shows weakening momentum since LINK's December 2024 high of $22. While repeated tests of $12.50 support demonstrate buyer resilience, consistent rejections at $15.00 highlight ongoing selling pressure. Analyst Ali Martinez identifies $15.30 as the critical level for any sustained upward movement.