Chainlink price has spent the last several sessions moving sideways, with the broader tone clearly softer than earlier in the month. Currently, LINK is trading at about $12.22. It is down by about 2.58% over the last 24 hours and by about 13.18% over the last week. It is trading at its lower end.
Trading activity has slowed considerably. The 24-hour trading volume has declined by 31.92%. The 24-hour trading volume is $353.7 million, and the market capitalization is $8.65 billion. This follows an attempt last mid-January that reached highs of $13 but failed to hold.
Chainlink Reserve Grows as Price Action Stays Muted
Reserve activity continued even as the price stalled. Chainlink disclosed the accumulation of 88,845.86 LINK in its latest update, lifting total reserves to 1,675,112.67 LINK. The reserve is funded through off-chain enterprise revenue and on-chain service usage, with the stated goal of supporting long-term network sustainability.
So far, the market has shrugged. LINK price remains well below the mid-January area near $13, and reserve growth has not changed short-term positioning. Traders appear more focused on near-term liquidity and fading participation than balance-sheet strength, especially as volume continued to dry up through the session.
LINK Price Tests Multi-Year Support
On intraday charts, the Chainlink price initially declined before finding tentative support around $12.20, where selling pressure diminished. The subsequent rebound was limited, and the price failed to reclaim the upper boundary of the $12.64 range, further solidifying the resistance.
Momentum signals offer little clarity. The Awesome Oscillator remains slightly negative, pointing to downside pressure that has not fully cleared. MACD readings stay shallow, consistent with a market stuck in consolidation rather than preparing for a directional break.
Longer-term views diverge from the short-term tape. Market analyst Quantum Ascend points to a bounce from multi-year support and ongoing channel compression that resembles a developing bull flag. On higher timeframes, a weekly RSI above 60 is cited as supportive of the broader trend, with average volume still the key variable missing.
Historically, similar structures have preceded advances of 2.7x to 3.3x, according to the analysis. For now, those expectations remain untested. Chainlink price is still anchored near $12.40, well below the $20–$23 resistance zone highlighted as the next major hurdle.
At present, Chainlink price action reflects hesitation. Support is holding, resistance is unchanged, and momentum remains muted as the market waits for volume to return.
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