Chainlink (LINK) price is facing a potential sharp decline as it tests a critical support level within a symmetrical triangle pattern that has contained price action since October 10. A breakdown below $16.50 could trigger a measured move drop to $11.30, derived from the triangle's maximum height of $5.20. The BBWP volatility indicator has crossed above its moving average, signaling an impending major move that currently favors bears, with the price having wicked below the ascending trendline support.
Contrasting the bearish technical setup, on-chain data shows strong accumulation signals. Over 15 million LINK tokens were withdrawn from exchanges in less than 30 days, reducing exchange reserves from 180 million to 146 million LINK—a 34 million token decrease that equates to a drop from 18% to 15% of the total supply. This suggests reduced selling pressure and growing confidence from large holders, potentially leading to supply illiquidity and upward momentum if demand persists.
Fundamentally, Chainlink remains robust, powering Circle's Arc layer-2 network and benefiting from optimism around Grayscale's proposed GLNK spot ETF. Recent partnerships with TON for cross-chain liquidity and Ondo Finance for tokenization projects further expand its use cases, reinforcing its role as a key data infrastructure provider. As of the latest data, LINK is trading at approximately $16.32, down 6.22% in 24 hours, with a market cap of $11.30 billion.
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