LINK price collapses under key support | Credit: Hameem Sarwar
* Chainlink has fallen below $15, signaling that bearish pressure is intensifying.
* Over 3.4 million LINK has flowed to exchanges, indicating potential sell pressure.
* Analysis reveals that a short-term recovery is unlikely except buying volume rises.
Altcoins are losing momentum, and this time, it’s happening very quickly, as Chainlink’s (LINK) price has extended its downtrend.
As of this writing, Chainlink bears have finally broken the $15 zone, and buyers are yet to appear.
Spot demand is waning, and on-chain data suggest that market participants are easing off the buying pressure.
What does this imply for the cryptocurrency?
Chainlink Crashes
On the 4-hour chart, LINK’s Relative Strength Index (RSI) shows sustained bearish momentum near the oversold region of 20. The RSI currently sits at 28.97, confirming that sellers maintain control while buyers struggle to regain ground.
The Chaikin Money Flow (CMF) prints a negative reading of -0.19, showing declining buying pressure and steady capital outflows from the asset.
This signifies growing caution as LINK tests lower support zones.
The current structure highlights weak demand, with sellers holding the advantage. If buyers fail to step in soon, Chainlink’s price could break below its current level, paving the way for a deeper correction.
Exchange Inflows Accelerate Fast
In the derivatives markets, sentiment remains bearish. Open interest has dropped by 9.13% over the past 24 hours.
Meanwhile, trading volume has surged 71.77%, reflecting increased market activity. If sustained, this could strengthen the downtrend of LINK.
Besides the technical setup, on-chain data from Santiment shows that the transfer volume of Chainlink tokens into exchanges has surged.
On November 2, the figure stood at 819,559 LINK. But as of today, it has jumped to 3.41 million LINK.
This rise suggests that more holders are moving their tokens to exchanges, typically a sign of growing intent to sell. If this trend continues, Chainlink bears might apply more downward pressure on the price.
LINK Price Outlook: Downward
On the daily chart, LINK’s price continues to struggle around its key support zone, shown at the lower trendline of the parallel channel.
The Awesome Oscillator shows red histogram bars in the negative territory, confirming dominant bearish momentum.
Furthermore, the Directional Movement Index supports this view. The +DI (green) sits at 11.99, far below the -DI (red) at 31.30, showing that bearish forces clearly outweigh bullish strength.
The Average Directional Index (ADX) stands at 26.36, suggesting that the ongoing downtrend is gaining momentum.
If the pressure persists, LINK could retest the next major support at $10.94.
The Fibonacci retracement levels offer further insight into LINK’s potential move. At press time, LINK trades at $14.70, below the $15.70 mark that aligns with the 0.236 Fib level.
This zone has acted as a strong rejection area in recent days, confirming persistent selling pressure. The clean break below it shows that Chainlink’s bears remain in control, with the next potential target near the Fib level at $10.01.
However, if buyers reclaim the $15.70 level, Chainlink’s price could rebound.
A sustained close above this resistance might trigger rising buying interest, potentially lifting the price toward the 0.382 Fib level at $17.98.
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