Chainlink is trading near a critical short-term support zone as technical signals point to limited buying momentum. LINK briefly touched $11.78 before sellers pushed the price back toward $11.51. A short rally lifted the token to around $11.59, but another decline brought it to a daily low of $11.46 before price stabilized between $11.48 and $11.56.
The market capitalization is $8.65 billion with reported trading volume of $307.47 million. LINK remains 78.05% below its all-time high of $52.70 from May 2021, with a token supply of 748.10 million. Immediate resistance is located between $11.57 and $11.60, while the key support for the session is $11.46. A move above $11.80 could bring $12.00 into focus.
On the LINK/BTC chart, analyst Moe highlighted that the pair is compressing within a long-term descending pattern. The price is approaching the lower end of a highlighted demand area, which the analyst describes as a potential pivot point from Bitcoin to Chainlink. However, that forecast has not yet been confirmed. A close above the established resistance trendline would signal relative strength against Bitcoin, while remaining below it would keep the broader bearish trend intact.
Intraday technical indicators remain cautious. The Chaikin Money Flow dropped below the neutral zero line to -0.39, suggesting selling volume exceeded buying volume during the measured period. Bollinger Bands also generated sell signals near the top of the short-term trend. LINK must recover $11.55 to $11.60, while CMF moves toward zero, to improve the immediate outlook. Failure to hold $11.50 would expose the $11.46 support level.
