- Chainlink nears $24.36 resistance after completing ABC correction and consolidating near support.
- RSI shows oversold conditions at 18.94 as LINK stabilizes with reduced trading participation.
- Whale accumulation and low exchange reserves indicate investor positioning for possible upward continuation.
LINK almost reached the 100% extension of the wave and looks like a completed correction to begin the week. Price action has consolidated near key support zones, and technical indicators point to oversold conditions as the market stabilizes after recent declines.
Technical Levels and Market Structure
The chart showed Chainlink trading near $21.00 after retreating from a recent high around $25.66. According to analysis prepared by Matthew Dixon, the structure displayed an ABC corrective pattern, with LINK reaching the measured move of the wave. Fibonacci retracement levels positioned immediate resistance near $24.36, $23.55, and $22.46, while support was observed at $21.13 and $20.14.
Further downside projections placed targets at $18.03 and $16.73, aligning with the 1.382 and 1.618 Fibonacci extensions. Market activity confirmed consolidation near the 0.618 retracement, showing reduced participation compared with the earlier bullish move. RSI data on the four-hour timeframe recorded 18.94, reflecting oversold conditions at the current price.
According to an observation by More Crypto Online, LINK also approached a long-term descending resistance line visible on the weekly chart. The analysis mapped Elliott Wave structures and identified a completed wave ii correction near $6.90, suggesting the market is still within broader upward cycles.
Trading Volume, Market Data, and On-Chain Activity
Data from CoinGecko recorded LINK at $21.54, representing a 63.9% increase over the past three months. The 24-hour trading volume reached $1.33 billion, confirming strong liquidity and active participation from traders. Circulating supply was 678,099,970 LINK, with the maximum supply capped at one billion tokens.
On-chain data indicated exchange reserves for LINK reached their lowest levels since 2022, reducing immediate selling pressure. Whale accumulation added nearly two million LINK within 48 hours, according to analysis cited by LINK Price Eyes Major 125% Breakout Before Year Ends.
This accumulation suggested larger investors are positioning for potential upward continuation once consolidation resolves. The market structure shows LINK entering the week with correction nearly complete and traders monitoring resistance near $24.36 for recovery attempts.
