What to know:
- Chainlink is retesting support after a pullback, with price near $9.58 as traders eye a move toward $10.60.
- LINK shows a classic support retest structure, where former resistance is now acting as a potential demand zone for buyers.
- Ink joins Chainlink Scale to boost DeFi infrastructure by lowering oracle costs and enabling secure real-time data feeds.
Chainlink (LINK) is retesting support after a pullback, with momentum stabilizing and signs of easing selling pressure, leaving room for a short-term recovery for the LINK price if buyers hold control. Meanwhile, Ink joining Chainlink Scale strengthens DeFi oracle infrastructure and reduces data costs.
At the time of writing, LINK is trading at $9.58 with a 24-hour trading volume of $556.82 million and a market capitalization of $6.96 billion. Despite the signs of stability over the last 24 hours, the participants are focusing on whether the token could maintain its bullish trajectory after rebounding from the support.
Source: CoinMarketCap
LINK price Retest Signals a Rally to $10.60
According to the crypto analyst Sjuul, the LINK price is moving at a key technical junction after revisiting a previously broken resistance zone, now acting as a potential support area.
The LINK price action suggests a classic retest structure forming, where the market evaluates buyer strength at former ceiling levels. Traders are watching closely to see whether momentum stabilizes or fades in the coming sessions ahead.
Source: Sjuul’s X Post
Market participants are now focused on whether bulls can defend this reclaimed level and convert it into a solid support base.
A successful hold could open the path toward higher resistance near $10.60, while failure may trigger renewed downside pressure. The current zone is acting as a decisive battleground for the LINK price momentum in the short-term outlook.
Also Read: Chainlink Price Prediction: Can LINK Price Break $15 After Strong Recovery?
Technical Indicators Point to Stabilizing Momentum
According to TradingView, the LINK price demonstrates the emergence of a change in direction from a strong bullish phase to a bearish correction period.
Having reached a high above $10.80, the LINK price fell through lower highs towards support at the level of $9.40. Currently, LINK attempts to recover during the day and is standing at the level of $9.58710.
Source: TradingView
Indicators suggest that the intense sell-off is finally coming to an end. RSI has moved higher to 45.31 after falling below oversold.
MACD has formed a bullish crossover, although remaining in negative territory, with green histogram bars becoming visible. This indicates that downward momentum is waning and there may be a pause or reversal in the making.
Ink Joins Chainlink Scale to Boost DeFi Oracle Infrastructure
The data from Chainlink further highlighted that the Layer 2 network of Kraken, known as Ink, is now a part of Chainlink Scale, marking a noteworthy step in strengthening its DeFi framework.
With this integration, Ink will now become Chainlink Data Feeds, offering developers secure and real-time market data feeds. This initiative aims at reducing oracle fees and increasing efficiency and scalability
Source: Chainlink’s X Post
Ink is using the Chainlink Scale initiative to inject significant funding into supporting oracle adoption, thus allowing developers to use enterprise-quality data at lower prices.
The effect of this is that the network becomes a viable Layer 2 platform for developing innovative DeFi solutions, while Chainlink increases its role as a reliable source of data in new blockchain ecosystems.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: Chainlink Price Tests Crucial Support as Bulls Eye $10.86 and $11.85 Targets
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