Chainlink (LINK) is currently trading around $13.31, following a slight 1.48% dip over the past 24 hours, amid a confluence of technical, sentiment, and market-wide pressures.
Some analysts believe LINK could rise due to a double-bottom pattern on the charts. However, others warn that it may be at risk unless it breaks through critical resistance levels.
As excitement builds, everyone is watching to see if Chainlink Crypto can overcome general market uncertainty and reach higher price targets.
LINK Struggles Amid Symmetrical Triangle Formation
Technical data from TradingView confirms a recurring theme: the Chainlink price is currently trading below a crucial resistance zone near $13.45. The token recently bounced from the $13.10-$13.43 support range, forming what appears to be a tightening symmetrical triangle, suggesting a likely breakout in either direction.
At press time, LINK is trading at $13.31, down 2.16% for the day, with the RSI at 51.3, a neutral level, and the MACD indicating a limited directional bias.
This neutral momentum highlights the market’s current indecision, with buyers hesitant to push Chainlink crypto beyond its double-top ceiling of around $13.60.
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A breakout above this resistance could see LINK target $14.40 and $16 short term. Failure to break through might lead to a drop toward $12.85 or even $12.50.
Whale Control, Active Wallet Drop, and Dominance Pressure Add Caution
Santiment data shows that Chainlink is the top Ethereum-based asset in terms of development activity. This suggests it has strong long-term potential. However, this activity has not yet led to an increase in the LINK price. Whale wallets still control 45.66% of LINK supply, making prices extremely sensitive to large transactions.
Adding to the bearish pressure, on-chain activity has cooled dramatically. The number of active addresses on the Chainlink network has decreased by over 64% since April.
Despite announcements of strategic partnerships with institutions like JPMorgan and Mastercard, the network hasn’t seen a corresponding uptick in user traction.
Moreover, Bitcoin’s dominance, now at 64.47%, continues to suppress altcoin rallies. This dynamic often starves altcoins like LINK of retail and institutional capital, especially during periods of macroeconomic uncertainty.
Chainlink Crypto Analysts Eye Bullish Setup But Warn of Fakeouts
Technical analysts like Jens (@jens_connect) argue that LINK is forming a textbook double bottom and is now preparing for a bullish reversal. His prediction sets ambitious targets: $22.68, $26.56, and $29.92 if the breakout sustains.
However, CryptoWzrd offers a more cautious take. Their July 7 technical note explains that while LINK has held the $12.50–$13.10 support band, both LINK and LINKBTC are trading indecisively.
The popular trader emphasizes the need for a confirmed breakout on the daily trendline and intraday resistance above $14.40 before a rally toward $16 or $30 can be taken seriously. Without this confirmation, they expect only quick scalp opportunities, not long-term rallies.
The chart shared in their report shows a tightly coiled pattern compressing just below major resistance, making the next few trading sessions critical.
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