Chainlink’s 15% drop: Assessing where LINK can head next
- Chainlink hovered near $13.15 after a 15% drop, testing a support zone that sparked earlier rallies.
- Price action remained locked in a descending trendline, with traders eyeing a breakout or a 20% decline.
Chainlink [LINK] dropped over 15% in the past week, but during press time, it landed on a key price level that could spark a bounce.
The sell-off caught the attention of analysts and investors, many of whom are betting on a rebound, though not all agree on what comes next.
One more slip and it’s gone!
Several experts and analysts on X (formerly Twitter) discussed the current level of LINK, with some indicating it is a crucial point for the altcoin, while others believe it has strong upward potential.
On the 18th of June, an analyst made a bold prediction, stating,
“LINK is on the verge of the abyss; if it doesn’t bounce off the $12.5 support, it will be in trouble.”
Meanwhile, others took the opposite side, suggesting that this zone could reignite LINK’s momentum.
Despite geopolitical jitters between Israel and Iran clouding broader sentiment, LINK’s technical setup at this level has become a battleground between bulls and bears.
Price holds steady, but volume surges
At press time, LINK traded near $13.15 with a 0.55% daily uptick. Trading volume spiked 10% within 24 hours, showing that market participants have started re-entering.
Source: CoinGlass
Moreover, data from CoinGlass showed $16.2 million in outflows from exchanges over the last week, suggesting strong accumulation.
This may help reduce sell pressure and support price recovery if it persists.
$9 million worth of bullish bets
Not only that, but traders also appear to be following the same path, as they have been found strongly betting on the bullish side.
CoinGlass data revealed $9 million in long positions concentrated around the $12.55 mark, while shorters built $3 million in positions near $13.35.
Source: CoinGlass
These levels indicate that bulls are currently dominating the altcoin.
Technical charts hint at…
According to AMBCrypto’s technical analysis, LINK appears bullish and poised for a potential price reversal.
The daily chart revealed that the current level of $13.15 is an area where LINK has previously shown upside momentum since late April 2025.
Source: Trading View
The $12.65–$13.15 zone has historically seen rebounds, and a hold here could target the $15–$16 resistance.
However, if LINK slips below $12.50 and closes under it on the daily chart, a 20% drop toward $10.15 could follow.