Chainlink price remained under pressure while trading in a narrow range near $8.61. Analysts noted the token was testing a critical symmetrical triangle support zone, with potential upside targets of $11.50 to $48.00 if a bounce develops. Futures market data showed rising pressure on long positions, while technical indicators like RSI and MACD reflected weak momentum.
Chainlink (LINK) price continued to trade within a narrow range, showing limited market direction. As of the latest data, LINK was trading at $8.61, marking a decline of nearly 5% over the past day.
Crypto analyst Jonathan Carter highlighted that the price was testing support within a symmetrical triangle. “The price is holding above the lower boundary on the higher timeframe,” he stated.
If support holds, Carter listed potential upside targets at $11.50, $22.00, $34.00, and $48.00. Another analyst, Bit Bull, mentioned a breakout and retest on the 4-hour chart.
“Such a scenario could create a long position opportunity,” he noted, with an ideal entry range between $8.186 and $8.365. He also warned traders about potential rejection from order block zones.
According to data from CoinGlass, futures activity slowed with volume and open interest both declining. The total liquidations over 24 hours amounted to approximately $224K, with long positions comprising nearly all of it.
The Relative Strength Index (RSI) stood at 44.54, indicating weak momentum and a lack of buying pressure. The Moving Average Convergence Divergence (MACD) showed minimal activity, with readings near zero.
