Chainlink price is currently experiencing downward pressure in the short term because of the loss of its previous momentum. Nevertheless, Chainlink’s price is currently trading within an important demand level that might assist with a potential reversal.
At the time of writing, LINK is trading at $9.65, with a 24-hour trading volume of $482.32 million and a market capitalization of $7.03 billion. The Chainlink price has fallen 6.38% over the last 24 hours, showing short-term pressure after failing to hold recent gains.
Source: CoinMarketCap
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Chainlink Price Signals Potential Reversal
As highlighted by crypto analyst Crypto Patel, on May 16, 2026, the pattern is still in the process of creating a bullish formation. The reason for this assertion is that he feels that the Chainlink coin price has undergone a change after the CISD pattern and is currently retracing towards the breaker block region.
Source: Crypto Patel’s X Post
The retracement is also following the inefficiency fill zone (IFVG), with liquidity still positioned above. This leaves room for further upside retracement should support hold out.
The upside targets for LINK price to consider are at $10.86 and $11.85. It is important to note that such an assessment will no longer be valid in case Chainlink closes below $8.90 on its daily time frame.
LINK Price Momentum Slows as Indicators Turn Weak
The recent developments indicate that the Chainlink price has lost momentum following the recent upsurge in price. The Relative Strength Index has come down to 47.87, indicating that the buying pressure has decreased considerably. The price of Chainlink is trading around $9.66, having witnessed a fall of 4.03% for the day.
Source: TradingView
MACD also acts as an additional confirmation of momentum deceleration. In fact, the current level of MACD stands at 0.24915, but the histogram has dropped to the level of -0.02208. This can indicate that further decline will put Chainlink’s price near support levels ranging from $9.35 to $9.13.
Outlook for LINK Price
Overall, the LINK price finds itself at a critical crossroads. Although there are negative technicals in play for the short term, the overall pattern as seen from the chart provided by Crypto Patel hints at a potential turnaround if certain levels hold.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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