Chainlink Price Analysis: LINK Eyes $14.60 Resistance Amid Bearish Pressure

Chainlink bulls are squaring up against a stubborn wall at $14.60. Can the oracle network's token punch through, or is this just another classic crypto tease before the rug-pull?

The Technical Tug-of-War

LINK is caught in a classic squeeze. On one side, you've got that $14.60 price level acting like a brick ceiling—traders have seen it before, and the memory of past rejections stings. On the other, the broader market's bearish whispers are getting louder, applying pressure that makes every upward move feel like a grind. It's not about flashy partnerships or roadmap promises right now; it's pure price-action psychology.

Why This Level Matters

In the grand casino of digital assets, specific numbers become self-fulfilling prophecies. The $14.60 mark isn't just a random line on a chart—it's a collective memory point for the market. A clean break above it signals conviction and could lure sidelined capital back in. Failure here, however, reinforces the narrative of distribution, where every rally is just an opportunity for smarter money to exit. It's the finance game in a nutshell: narrative follows price, until it doesn't.

The Verdict: Watch for the Break

All eyes are on that key resistance. A decisive, high-volume close above $14.60 changes the tune entirely, potentially opening the path for a new leg up. But until then, the bears have the microphone. In a sector where 'fundamentals' are often just stories we tell ourselves between price swings, the chart is the only truth that matters today. Trade accordingly.

Price Retests Critical Chainlink Support Zone

Chainlink is testing the strong micro support level of wave (2) once again, and this level is still defined from $11.95 to $12.23. The fulfillment of this support maintains the defense line strong, and breaking below the strong support of $11.95 will make it weaker and will make way for further downside action.

According to crypto Analyst @Morecryptoonl, any upside from this zone will likely stay corrective, forming parts of a broader wave four move rather than a new impulsive rally. Targets for the first levels of recovery may be pegged at $12.80 – $13.20, $13.70 – $14.10, and even stronger at $14.40 – $14.60 levels.

A failure to uphold the current micro range WOULD invalidate the constructive scenario, while a breakout below $11.95 would see $11.60 come into play as the significant support level, or a further push would see a return toward the deeper regions of $11.30-$11.00 until market stabilization is observed in the broader corrective market structure phase.

Indicators Signal Ongoing Bearish Market Pressure

Currently, the RSI for the weekly chart is seen moving around the level of 38, below the middle level of 50, which indicates a lack of buying power and persistent bearish pressures. This suggests that the sellers are still in control of the market. This would remain so until the RSI breaks above the middle level.

The MACD indicator also supports the bearish view, as the MACD line remains below the signal line and shows increasingly red bars on the histogram. This is an indication that the negative momentum is still building. Until the histogram begins to reduce and a bullish crossover is seen, the downward pressure can be expected to continue.