Chainlink price dropped below $8.00 on Thursday, a level buyers had previously defended. LINK ended the day at $7.94, down 4.86%. Trading volume rose 22% to $265 million as support broke, suggesting strong selling pressure. Now, the old support acts as resistance.
The situation is worse than just losing one support level. All 15 daily moving averages show a sell signal, and the price is below each one. The 200-day exponential average is $10.60, and the simple average is $10.22, both of which are about 30% higher than the current price. The 20- and 50-day averages, between $8.13 and $9.07, now limit any potential rebound as well.
Adoption Grows Despite LINK Price Weakness
What makes the breakdown notable is the backdrop. OKX, a leading exchange with 120 million users in over 160 countries and more than $40 trillion in total trading, announced it will use Chainlink to access an $80 trillion tokenized real-world asset market on its X Layer. So far, Chainlink’s ledger has processed over $30 trillion in transactions.
Since launching last year, spot LINK ETFs have not had a single day of net outflows. They have attracted $2.82 million in net inflows, including $1.01 million on June 10, and now hold nearly 2% of the circulating supply.
However, there are limits to this strength. Total inflows are $123.82 million, but net assets are only $103.14 million because price drops have reduced holder value by about $20 million. The week ending June 17 saw no new inflows.
Chainlink Price Shows Signs of Accumulation Despite Bearish Trend
The one argument for buyers is exhaustion. The 14-day RSI at 32.46 is firmly oversold, the kind of reading that often precedes relief rallies. Some analysts believe the current structure resembles Chainlink’s previous major accumulation phase.
Token Talk highlighted a pattern on the weekly chart. While LINK price keeps making lower lows, the RSI is making higher lows. This bullish divergence also happened before the last big breakout. The analyst says that if momentum returns, Chainlink price could be poised for another strong move.
But not all analysts agree. More Crypto Online uses Elliott Wave analysis and sees the recent rebound early this week as only a correction, not the start of a new upward trend. They point to Fibonacci resistance between $8.32 and $9.91.
Right now, the key level in the LINK price debate is $8.20. Unless Chainlink price moves back above this level, the overall trend stays bearish. Any rallies toward the moving averages are likely to be seen as chances to sell, not signs of a real reversal.
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