The Chainlink (LINK) cryptocurrency took a big dip on Thursday, falling as much as 6.7% to nearly $14. It has nearly reversed all of the gains it’s seen in the past seven days, still up 9% at press time. Chainlink’s 6.7% 24-hour drop reflects profit-taking after recent gains, technical resistance, and broader crypto market weakness.
LINK recently fell below a $15 resistance, concerning investors. Experts were bullish on LINK in the altcoin season, suggesting it could potentially reach $20. The asset recently reclaimed $16, but has since tanked under that mark. Now it is struggling to pick up on the momentum it saw earlier this week. Could the asset pick back up over the weekend, or is this the start of a further drop for Chainlink?
Chainlink (LINK)’s Next Steps
Chainlink’s RSI and MACD show neutral momentum, indicating a balance between buyers and sellers of LINK. Traders are eyeing key levels on the LINK/USDT charts for where Chainlink could go next. LINK currently faces resistance in 2025 at $20, a level where sellers have stepped in before. A push past that could send LINK toward a $25–$26 area. Beyond lies a mid-term target of $28–$30, matching late-2024 highs. However, the longer LINK stalls at $15 or below, the lower the chance the asset could rebound this summer.
Chainlink is suffering from several factors that have caused its price to fall today. LINK faces immediate resistance at its $15.12 pivot point and the 50-day SMA ($15.07). The Fibonacci 61.8% retracement level ($14.63) and 50% level ($15.23) created a “sell zone” that triggered profit-taking. While the MACD histogram turned positive (+0.165), the RSI (52.1) shows neutral momentum. This wouldn’t be enough to break LINK’s current resistance, causing the price to stall.
Also Read: Chainlink Keeps Falling: Is $20 LINK Still in Play?
Furthermore, the stalling of several crypto ETFs has worried cryptocurrency investors as a whole. Those concerns have leaked into Chainlink LINK and put hopes of $20 in jeopardy. The Chainlink platform has seen good news of late, including successfully facilitating a CBDC–stablecoin exchange between Hong Kong and Australia. However, investors still feel as though the current price is the best it could get, moving around LINK in bulk and causing its price to fall.
Currently, traders are watching the $13.77 support, with a break potentially targeting $12.68 (swing low). Unless the asset posts a strong rebound this weekend, it could go free-falling to $12.
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