Chainlink (LINK) faces sharp volatility after dropping over 21% in 24 hours, but analysts The Great Mattsby and Mac remain optimistic.

Both highlight the altcoin’s successful 45° trendline retest and support near $14.50–$17 as signs of strength. Technical patterns suggest potential recovery toward $19–$30 if current levels hold amid market stabilization.

LINK Tests Long-Term Support Amid Market Volatility

Chainlink experienced a sharp decline in the past 24 hours, dropping by 21.63% to trade near $17.51. The move marked one of the token’s steepest single-day losses in recent months. Price data shows the asset fell from around $22 on October 10, 2025, before stabilizing around the $17 region. The downturn coincided with heightened market-wide volatility, as traders reacted to broader weakness in the cryptocurrency sector.

LINKUSD 24-Hr Chart | Source: BraveNewCoin

Daily trading volume surged to nearly $4 billion during the decline, reflecting intense market activity as investors repositioned. The sell-off accelerated after the token lost key psychological supports at $20 and $18. Short-term rebounds around the $17.80 level failed to hold, signaling sustained selling momentum. Despite this, market participants are closely monitoring the $17 area, which may act as an interim support before any potential recovery.

Analyst Sees a Bullish Structure Forming

Analyst The Great Mattsby observed that Chainlink completed another backtest of his long-term 45° angle, maintaining its structural integrity within a broader ascending trend. The weekly chart indicates that, despite recent volatility, the asset continues to form higher lows, a signal often interpreted as structural strength. This recurring validation of the trendline suggests traders are recognizing it as a key technical level for positioning.

LINKUSD 1-WK Chart | Source:x

Mattsby identified the green diagonal line on the chart—representing the 45° angle—as a dynamic support zone converging near $14.50, an area where it has historically rebounded. The analyst noted that as long as the price holds above this range, he token remains in a macro bullish setup.

This framework suggests the asset is maintaining a disciplined accumulation pattern within the ascending structure. If the pattern sustains, it could recover toward the $28–$30 range, consistent with previous cyclical movements observed in the long-term trend.

Expectation Of Short-Term Recovery Toward $20

Market analyst Mac commented that the asset remains technically strong despite the market’s pullback. He noted that the token dipped into its yearly Volume Weighted Average Price (VWAP), a level commonly monitored by institutional traders for reaccumulation. According to the analyst, this move flushed out excessive leverage, resetting positions and potentially setting the stage for a healthier recovery.

LINKUSDT Chart | Source:x

Mac pointed out that Chainlink is among the few altcoins maintaining a clean moving average structure aligned with historical support zones. This alignment suggests that selling pressure may have eased temporarily, offering a possible accumulation opportunity for long-term investors.

The analyst expects a rebound to $19–$20, calling the dip below support a liquidity sweep before a potential uptrend.

Technical Overview and Market Outlook

At present, the market capitalization stands at about $12.21 billion, ranking it 17th among cryptocurrencies. The circulating supply remains around 696.8 million, providing liquidity for traders. The $17 area continues to serve as a short-term support level, with immediate resistance seen near $18–$19. A sustained move above this range could reaffirm bullish control in the near term.

From a technical perspective, the price structure reflects a period of consolidation within a broader ascending trend. The combination of the 45° angle support and VWAP convergence points toward an area of potential strength.

If buying activity increases, a recovery toward the $28–$30 region could materialize, aligning with projections shared by both analysts. However, failure to defend current levels may invite further downside pressure toward $15, keeping traders cautious as volatility remains elevated.