Chainlink (LINK) continues its downward price trajectory, extending recent bearish momentum, as of February 23, 2026. Over the past 24 hours, the token has declined nearly 3.33%, despite renewed buying interest. On a broader scale, LINK recorded a weekly drop of 3.55%.
According to the CoinMarketCap data, Chainlink is trading at $8.53, supported by growing market activity. Its 24-hour trading volume stands at $591.91 million, up 53.64% from the previous day.
Meanwhile, market capitalization is valued at $6.04 billion, down 3.3% over the same period as bearish momentum strengthens.
Also Read: Chainlink (LINK) Defends Long-Term Base As Bulls Eye $50–$60 Zone
Multi-Year Channel Sets Structural Limits
Chainlink (LINK) is trading inside a multi-year descending channel on the 3-week timeframe after dropping over 86% from its 2021 high near $53.
Price has compressed into a higher timeframe demand zone between $7.50 and $5.60, showing repeated liquidity sweeps, absorption, and volatility contraction signaling potential accumulation.
Structurally, LINK remains capped under descending channel resistance while trading near range equilibrium around $8. Multiple higher lows inside the demand block suggest buyers defending macro support.
A strong three-week close above the channel resistance and range highs would be required to trigger a breakout towards the liquidity present above.
CryptoPatel’s upside targets are pegged at $26.30, $52.22, and $100, indicating the possibility of more than 1,100% gains if the expansion scenario unfolds.
The bullish case remains valid as long as the price remains above $4.76 on a three-week close. A breakdown below this level will render the structure irrelevant and open up the possibility of further downside.
Technical Indicators Suggest Early Stabilization
From the perspective of technical indicators, the RSI (14) is currently close to 36.95, with its Moving Average hovering around 36.02. The RSI remains below 50, indicating consistent bearish pressure.
However, it has recently bounced back from around the 30 oversold level, which indicates a possible slowdown in the selling pressure.
The MACD (12, 26, 9) indicates that the MACD line is around -0.565, while the signal line is close to -0.700, with a small positive histogram of 0.135. Although negative, the bullish cross indicates the beginning of positive movement.
Why This Matters
Traders and investors should monitor LINK closely, as the first signs of stabilization may indicate the emergence of a potential buying opportunity. In the short term, technical analysis suggests that a potential bottom may form around $8.
Also Read: Chainlink Breaks Key Resistance as Bullish Momentum Targets $10.20–$10.40 Level
