Chainlink Struggles at Gann Arc Support as Market Awaits Direction

Chainlink (LINK) trades near $17 after hitting key Gann arc support, as analysts Cantonese Cat and Jesse Olson share contrasting outlooks.

While Cantonese Cat expects a long-term rebound toward $34–$88, Olson admits his bullish targets fell short. LINK now battles renewed selling pressure, testing crucial support near $16.50 amid weakening market momentum.

Analysts Observe Key Gann Arc Support Zone

Chainlink has reached an important technical point as it trades near a major Gann arc support level on the weekly chart. Analyst Cantonese Cat observed that the current structure resembles earlier accumulation phases seen before large upward movements. The price remains near $17, where multiple Gann angles intersect, forming a level that previously acted as a foundation for bullish reversals.

LINKUSD Chart | Source:x

According to Cantonese Cat, the Gann framework suggests the asset is completing a cyclical rotation, with the next major inflection point projected for mid-2026. The analyst added that holding above the current support could set it up for another expansion phase toward resistance zones between $34 and $88. These ranges align with historical areas where the asset experienced rapid rallies in past cycles.

Analyst Reviews His Earlier Price Targets

Analyst Jesse Olson stated that his earlier bullish projection did not unfold as anticipated. Olson previously expected the token to hit four long-term price targets and possibly reach a new all-time high. However, the token met only three of those targets before a broad market downturn began in May 2021, halting the uptrend.

LINKUSD Chart | Source:x

Olson’s recent post displayed how Chainlink repeatedly failed to close above the $32–$36 resistance range, marking the boundary that capped multiple rallies. Each attempt to break higher resulted in renewed selling pressure, pushing the price lower. His updated analysis indicates that repeated rejections at this resistance level have maintained a long-term downward structure, even as short bursts of buying occurred.

Current Price and Technical Levels

As of the latest trading session, the altcoin has fallen 6.65% over the past 24 hours, bringing its value to $16.96. The decline follows a failed attempt to maintain prices above $18 earlier in the week. Data from CoinMarketCap shows daily trading volume at $1.21 billion, with a market capitalization of approximately $11.81 billion, positioning it 16th among cryptocurrencies by valuation.

LINKUSD 24-Chart | Source| Chart: BraveNewCoin

The 24-hour chart reflects weakening momentum, with sellers regaining control once the token broke below the $17.20 level. Immediate support sits near $16.50–$16.70, while short-term resistance forms around $17.80. A drop below $16.50 could pave the way for further losses toward $15.80, where historical buying interest has been observed in prior corrections.

Market Outlook and Trading Considerations

While the current movement shows short-term pressure, analysts note that Chainlink continues to maintain an active role in decentralized finance and oracle integrations. Its extensive partnerships across smart-contract platforms provide continued network activity, even during market slowdowns.

A recovery above $17.50 would signal improving sentiment and could suggest that buyers are defending the long-term support identified by the Gann arcs. The upcoming trading sessions are expected to determine whether it can maintain its structure above this level or extend its downward trend.