Chainlink LINK Battles Bearish Resistance as Potential 30% Drop to $16.89 Looms

Chainlink's LINK token is facing significant resistance amid bearish pressure, currently trading at $23.44 with a modest 24-hour gain of 1.53%. The bearish order block between $23.77 and $26.03 continues to suppress upward momentum, indicating sustained selling pressure and distribution activity.

Market analysts observe a clear distribution phase following the breakdown of the bullish structure on August 25. Repeated failures to reclaim levels within the resistance zone have strengthened downward momentum, with critical support levels now identified at $20.84, $19.97, and $16.90—representing a potential 30% decline from current price levels.

While intraday movements show occasional support, the overall market narrative remains dominated by bearish order flow. The pattern of lower highs and lower lows on the charts confirms weakening bullish momentum, suggesting that liquidity absorption is likely preceding further downward movement.