Chainlink, one of the important projects of the cryptocurrency market, has followed a fluctuating trend in recent days. According to BraveNewCoin’s data, LINK rose 1.01 percent in 24 hours; Despite this, it continued to remain below the $10 threshold. The transaction volume in Chainlink, which has a market value of 7.08 billion dollars, reached 238.28 million dollars.
Selling Pressure Continues in the Short Term
LINK price, which was above $ 10.80 in the first days of the week, stabilized at $ 9.73 after a sharp withdrawal. Technical analysis shows that the price continued horizontally between $9.60 and $9.80 after the sharp decline on May 16. It is noteworthy that sales decreased in this range, but above $ 10 has not been tested yet.
The fact that the MACD indicator is below the signal line on the chart and the histogram is on the negative side shows that buyers are not strongly prominent in the market in the short term. On the other hand, it is observed that the volume increases significantly during the sharp decline, but then this movement weakens.
Analysts and the Long Term Region
Analyst DongPham stated that in the previous market cycle, he determined the range between $5-9 as the buying zone, and that this zone is still outside the loss zone today. However, he emphasized that he missed the sales opportunity because he was chasing higher-than-expected profits during the rise.
DongPham commented, “LINK has formed a long base, now it may spend time in the same area again before a new rise,” and noted that the old peak area was at $53.
The chart he shared highlights that Chainlink experienced a long-term correction after the peak in 2021 and is in the process of re-accumulation in the current price band. According to the analyst, prices may remain horizontal in this region for a while, while a stronger movement may spread over the coming years.
Institutions and the Long-Term Outlook
Another analyst, Quinten Francois, thinks that Link has great potential for institutional investors. His weekly analysis highlights that the price is trading in the long-term support zone in the $9 to $10 band. Past movements in this region indicate that LINK has risen by 180 percent and 117 percent.
According to Francois’ analysis, the weekly MACD indicator has started to produce upward turn signals, while the RSI is at 42, increasing the signs of recovery from the bottom in the market.
However, Chainlink is still far from its all-time high of $52.70, and the price is currently down 81.54 percent from there. Especially exceeding the $10 level may give hope in the short-term outlook. However, the price falling below $9.60 again shows that this squeeze in the narrow band may continue for a while.
