Chainlink (LINK) Tests Crucial Support as Analysts Target $14.9

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What to Know

  • LINK falls 2.45% to $11.76 as weekly and monthly losses deepen, signaling ongoing market weakness.
  • Daily volume surges 165% to $490.79M as LINK retests a key demand zone with increased activity.
  • Analysts monitor $14.9 resistance while projecting upside targets between $16.13 and $24.52.
LINK

Chainlink (Link) was down by 2.45%, having traded at $11.76 as of Monday, 26 January, according to CoinMarketCap data. The asset also witnessed losses of 7.95% over the past week and 3.97% in the last month.

Meanwhile, the daily trading volume reached $490.79 million, representing a rise of 165% from the previous day’s session. The rise in trading volume was attributed to the retracement in the key demand area, where the asset had found support on previous occasions. 

Source: CoinMarketCap

Crypto Woodyz, an analyst, highlighted that Link is now testing the $11.8-$12.2 demand cluster, which has previously acted as strong support for the asset in past cycles. A clean bounce from here could see it test the mid-channel range and $14.9 resistance, which has recently acted as a cap for the asset.

Source: X

However, another analyst, Rose Premium Signals, mentioned that the LINK cryptocurrency once again reacted to the major historical demand area. According to her, the area triggered a major rally in the past. It is also clear that the cryptocurrency is accumulating after the prolonged consolidation.

Also Read: Chainlink Slides as Volatility Spikes, LINK Tests $12 Support Zone

Rose identified the upside targets, assuming the support holds, to be $16.13, $20.09, and $24.52. However, she noted that the outlook also applies as long as the price of the token stays above the demand floor.

Source: X

On-Chain Metrics Improve as Open Interest Declines

According to Santiment, on-chain data shows that Link remains an undervalued asset. Additionally, the 30-day MVRV for cryptocurrency is recorded at -9.5%. During this time, the asset is expected to stabilize due to a decrease in sell-offs.

Meanwhile, CoinGlass data show that the total volume rose by 182.70%, to the level of $855.95 million, with the Open Interest decreasing by 2.19%, to the level of $529.25 million. The OI-weighted funding rate of 0.0027% indicated a mildly positive bias.

Source: CoinGlass

The price is currently at a key point for cryptocurrency. The present support band is significant. The price may fall if the token breaks this support band, while an upsurge may take the altcoin up through other resistance points.

Also Read: XRP Nears $1.75 Support, Bounce Could Push Price Towards $2.60

Yahya Raza Sherazi

Yahya Raza Sherazi

Yahya Raza is a Technology Analyst at Tronweekly, covering cryptocurrency markets, blockchain-related developments, and digital asset regulations. He has over one year of experience reporting on Bitcoin, altcoins, and broader crypto market trends.

His reporting focuses on market movements, crypto scams and hacks, security-related incidents, and regulatory developments, examining how technological risks and policy actions impact the crypto ecosystem. Yahya tracks ongoing market activity and industry updates using verified data and official sources.

Yahya’s work is written for both beginners and experienced readers, with an emphasis on clear, accurate reporting on crypto markets, technology-related risks, and regulatory changes, without speculation or investment guidance.

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