Chainlink faces renewed consolidation after a 46% correction, with analysts highlighting key support near $15 and $13. Despite short-term weakness, both foresee a potential breakout toward $30–$40 once accumulation completes.
LINK trades near $17.21, reflecting subdued momentum and indecisive market sentiment amid ongoing symmetrical triangle consolidation.
Link Sees 46% Pullback as Key Support Levels Tested
Chainlink has entered a consolidation phase following a sharp 46% correction from recent highs. The move, observed by analyst Hov, aligns with earlier projections suggesting a continuation within a large symmetrical triangle pattern. The asset failed to close above $29 on higher timeframes, confirming the triangle and sustaining its corrective structure.
LINKUSDT Chart | Source:x
The decline has pushed prices back toward the $15 support zone, which has served as a structural base in multiple market cycles. Hov noted that holding above this level remains crucial to maintain the bullish structure.
A sustained close below $13 could extend the correction toward the $7 region, marking a deeper retracement within the broader accumulation pattern. Despite the correction, the analyst maintained that the long-term target remains bullish, with the current setup likely forming the last phase before an impulsive advance resumes.
Extended Accumulation Structure Signals Long-Term Strength
Analyst Daniel Ramsey offered a broader outlook on its structure, describing it as a prolonged accumulation and re-accumulation phase that has lasted over two years. His analysis indicates that the altcoin spent about 518 days building a base near the cycle bottom, followed by another 707 days of sideways consolidation between $15 and $19.
This pattern reflects a gradual build-up of demand at key structural levels, often seen before expansion cycles in previous market phases.
LINKUSDT Chart | Source:x
Ramsey pointed out that repeated rejections near the $18.85 resistance zone have weakened supply over time, creating favorable conditions for a potential breakout. The sustained support around the $15 level has reinforced long-term investor confidence, suggesting that any future move above resistance could accelerate momentum rapidly. Historical cycles show that its lengthy consolidation phases often precede large upward movements once resistance levels are breached.
Technical Indicators Point to Recovery Potential
On the technical chart, the token remains in a tightening range, oscillating between $16.80 and $17.70. The asset is currently trading at $17.21, reflecting a 1.95% decline over the past 24 hours. The daily trading volume stands at nearly $936 million, indicating moderate participation from traders. The market capitalization is approximately $11.99 billion, placing the asset in 16th position among cryptocurrencies.
LINKUSD 24-Hr Chart | Source: BraveNewCoin
Price data show that it faced renewed selling pressure after attempting a recovery early on October 22, with resistance forming near $17.70. The token later rebounded from $16.90, showing minor buying interest toward the end of the session.
Analysts view a close above $17.50 as the first signal of renewed short-term momentum, while holding above $17.00 remains critical to prevent further downside testing near $16.50.
Macro Outlook Suggests Potential Move Toward $40 Zone
Both analysts maintain that Chainlink’s broader cycle structure supports the possibility of a strong recovery once consolidation ends. A confirmed weekly close above $18.85 could trigger renewed momentum toward higher Fibonacci extensions, with projected targets in the $30 to $40 range. The technical framework aligns with prior Chainlink cycles where extended accumulation phases transitioned into steep upward movements once resistance barriers broke.
Market participants continue to monitor the $13 to $15 support band as a key inflection area for the next phase of price action. Sustained stability above this range would strengthen the bullish outlook and validate the long-term continuation pattern identified by multiple analysts. With macro accumulation still intact, the altcoin appears positioned to recover once market sentiment improves and breakout confirmation emerges.
