- Chainlink is testing the $15–$14 support zone, aligning with key Fibonacci and channel structures crucial for sustaining its bullish setup.
- A successful defense of this support could propel prices toward $27–$46, marking the next major upward rally phase for $LINK.
- On-chain data show 34M $LINK withdrawn from exchanges since January, indicating strong accumulation and rising trader confidence in bullish momentum.
Chainlink ($LINK) is currently priced around $16.12, and traders are now looking closely at the $15–$14 zone for support. This zone may stimulate the momentum required for LINK to hold its bullish trend, or it could spark a deeper corrective phase.
$15–$14 Zone Emerges as a Key Battleground
Analyst Ali_charts identified the $15–$14 area as a make-or-break level for Chainlink, with the price currently testing the 0.618 Fibonacci retracement level near $15.07. This price level corresponds to the bottom of the ascending parallel channel that has dictated the mid-term upward price action for this token.
On average, this support zone has been a launching place for bullish reversals. A continuous defense of this area by buyers could confirm a renewed level of confidence in the market and preserve Chainlink’s structure. A meaningful decline below this area would breach the ascending trend line and establish significant selling trust.
If the price fails to hold above this support zone, targets for downside price action could be at $12.20 and/or $10, which would nullify the larger bullish setup and signal a deeper corrective price action phase for $LINK.
Potential Upside Scenarios Point Toward $27–$46
According to the chart shared by Ali, holding the current support may unlock a strong upward path. A rebound from this zone could first push the price toward $20–$21, coinciding with the 0.786 Fibonacci resistance, before testing the $27–$30 range as momentum strengthens.
Sustained bullish continuation within the ascending channel could eventually propel $LINK toward the 1.272 Fibonacci extension near $46.92, viewed as a potential long-term top in the next rally leg. Market participants are now observing if the ongoing consolidation phase will transition into a breakout phase.
The upcoming sessions are expected to clarify whether buyers maintain dominance or yield to renewed selling pressure near the $15 threshold. This decision zone remains vital for Chainlink’s broader trend direction.
Exchange Outflows Strengthen Bullish Outlook
Market data shared by Tom Tucker points to a tightening supply dynamic for Chainlink. Recent observation of the Futures Taker CVD (90-day) shows a clear imbalance in taker buy pressure meaning that they are preparing for a potential upside reversal.
Finally, since January, about 34 million $LINK tokens have exited from exchanges, which hints that long holders are building up $LINK tokens for future price increase. The consistent outflow means that immediate selling pressure may decrease so that with increasing demand, the price can gradually expand.
This evolving on-chain landscape, combined with technical support retention, positions the $15–$14 area as a pivotal juncture for Chainlink. Market watchers continue to monitor whether the asset can preserve this foundation and trigger the next leg toward higher Fibonacci levels.
