- LINK hovers near $12.30 support inside a rising pitchfork, with compression signaling a critical breakout or breakdown ahead.
- A break of $13.50 may trigger upside legs toward $22 and $32, but a drop below $12.29 risks further losses toward $10.00.
- LINK’s current setup mirrors prior cycle moves, suggesting wave symmetry could fuel a bullish reversal if key support levels hold.
Chainlink (LINK) is navigating a pivotal price zone after a sharp weekly decline. The asset now tests critical support inside a rising channel structure, raising questions about its next directional move.
Fibonacci Structure Meets Channel Compression
The weekly chart shows LINK inside a rising pitchfork channel anchored from 2023 lows. Fibonacci retracement levels, measured from $4.95 to $35.97, create layered support and resistance bands. Recent movement reflects compression between the midline and lower band near the $12.30 level.
Source: Ali Martinez
According to the post above by Ali Martinez, sentiment leans neutral with caution. The price of LINK has fallen -8.76% this week, touching $14.178 as of May 30. The expert uses Fibonacci zones and an ascending pitchfork to frame LINK’s structural behavior and highlight major inflection levels.
The analyst has presented a detailed analysis showing price compression within long-term trend support. LINK previously surged toward $28.60 before correcting to $12.29, resting near the 0.618 Fibonacci level. This support also aligns with the channel’s median, reinforcing its technical importance.
The chart shows prior rejections near $28.60, each followed by steep corrections. Meanwhile, Fibonacci levels at $10.00 and $7.78 act as buffers if $12.29 breaks. The broader structure remains bullish above $10.00, but failure to hold $12.29 could invalidate the mid-term trend. A further upside to consider is the long-range pitchfork top at $32.00–$36.00. This zone reflects LINK’s former peak and remains a potential breakout target if momentum revives.
Bullish Reversal Builds Above Breakout Line
On the daily timeframe, a descending trendline from November 2024 was decisively broken. LINK climbed from $11.80 to $15.12 before retracing to $14.26, preserving higher lows and breakout structure.
Source: X
Looking at it from another angle reveals a stair-step pattern forming above prior resistance. The expert shows projected price legs aiming for $22 and $32 if the current support holds. Moreover, there’s the aspect of wave symmetry mimicking the November 2024 move, hinting at cyclical repetition.
The analyst Solberg highlights $13.50 as the critical line that must hold to preserve bullish momentum. Above that, targets at $32 and $51 signal aggressive extensions. The lack of volume data leaves momentum interpretation to price symmetry and trend alignment.
Final Outlook: Analysts Eye Reversal or Breakdown
It’s crucial to acknowledge that LINK now trades inside a volatile decision zone. Analysts note the $12.30–$13.50 region as the inflection pivot for short-term direction. While upside targets include $32 and $51, failure to hold below $12.29 risks extended downside toward $10.00.
