Key Insights:
- Chainlink price lost nearly 16% in the monthly chart, sparking discussions in the market.
- A top analyst has highlighted a major support trendline for LINK price that has held strong since 2023.
- The expert said that Chainlink may rally to $20 in the near term, with possibilities of a potential breakout to $50.
Chainlink price is testing a critical support, which analysts have highlighted as a key level to hold in the near future. According to experts, trading above the support level would confirm its potential upside trajectory, which in turn could help it to challenge a key resistance level ahead.
In addition, a successful breach of the resistance can help drive the LINK price to as high as $30. While these predictions have caught the eyes of the traders, it has also cast doubts over the potential future movements of the asset.
For context, the crypto has lost more than 2% in the last 24 hours, amid a broader crypto market retreat. On the other hand, the ongoing volatile scenario in the digital assets has fueled uncertainty over the likely recovery in the crypto prices, which the experts were previously anticipating.
Having said that, if Chainlink price loses the key support level that the experts have highlighted, it could trigger another massive selling pressure. So, here we explore the key LINK price levels to watch ahead and see what the market pundits are suggesting for traders.
Chainlink Price Dips Near Key Support
LINK price today has lost more than 2% and exchanged hands at $14.11 during writing, but its trading volume rose more than 65% to $779 million. Notably, the crypto has hovered between the $13.45 and $14.47 mark over the last 24 hours.
Notably, the crypto has declined by around 15% in the weekly chart, indicating the high selling pressure in the market. Over the past month, the Chainlink price was down by nearly 16%, after touching a monthly high of $19.17.
Meanwhile, the latest dip below the $14 mark has fueled concerns among traders. According to market experts, this $14 mark is a major support for Chainlink, and if it fails to maintain this support, a massive dump might be looming.
Commenting on that, expert Ali Martinez has recently noted that the $13.76 level is a major support trendline for LINK price. Besides, he noted that the trendline had held strong since July 2023, and Chainlink price now risks losing it.
In other words, a downtrend below the support could trigger massive selling pressure, which in turn could drive the price further down.
What’s Next for LINK Price?
As Chainlink price hovers near the $14 mark, market watchers are seeking more insights on the future movement of the coin. Amid this, Ali Martinez’s warning has gained notable traction from market participants.
In a separate post, Martinez said that LINK price must defend the $14 support to validate its bullish trajectory. In addition, he noted that protecting the support could help in a strong rally for the asset to $20 or even as high as $50 in the coming days.
However, previously, the expert said that the zone between $13 and $26 is a “no-trade” region for Chainlink price. In simple words, the analyst believes that the crypto may only witness a big move if it breaks through the $26 resistance.
On the other hand, a dip below $13 could also trigger a big dump for the asset. Considering that, investors are now tracking the performance of LINK price closely, with all eyes now on the $14 support.