As of December 23, 2025, Chainlink's native token, LINK, is trading near $12.10, reflecting a 2% decline on the day. The token has seen losses across multiple timeframes, down 3.9% over the past week and a significant 55% since the beginning of the year. This price weakness persists even as the network celebrates major adoption milestones in 2025, including strategic collaborations with Coinbase, Swift, and the U.S. Department of Commerce.
Technically, LINK is at a critical juncture. A large-scale bearish double-top pattern is forming on the weekly chart, with peaks around $28.06 and a neckline support at $11.08. Indicators like the MACD and RSI support the pessimistic view, suggesting further downside potential. A decisive break below the $11.08 neckline could confirm the pattern, potentially leading to a price drop of over 60% with targets around $8 or even $5.
On-chain data adds to the bearish sentiment. Whale balances have decreased by 2% over the previous seven days, while the total amount of LINK held on exchanges has increased by 2.7%—a sign often interpreted as preparation for selling. Furthermore, demand within the DeFi ecosystem is waning. The total value secured by Chainlink-based applications has dropped from over $1.13 billion in late August to about $545 million, and weekly network fees have been declining since September.
Analysts note that macroeconomic headwinds, including U.S. tariff policies and the Federal Reserve's stance on interest rates, have created a risk-off atmosphere for all cryptocurrencies, contributing to LINK's struggles. The immediate focus for traders is the $10 support level, a key psychological threshold from August 2024. If bulls can defend this zone, a rebound toward $15 and $20 is possible. However, if selling pressure intensifies, prices could revisit demand zones near $8.50.
