Key Insights:
- Chainlink (LINK) price witnessed a substantial shift in sentiment, turning from a 17% gain to a 6.50% loss over the past 48 hours.
- The daily chart reveals that LINK’s price could decline by 18% to reach the $10 level in the coming days.
- Traders have built $3.82 million worth of short positions at the $12.58 level, hoping LINK’s price will not rise above this level.
Chainlink price prediction has recently been a crucial topic for LINK traders and holders. Understanding its potential movement is essential in this volatile market.
The past 48 hours have been unpredictable for LINK holders. This happened as the asset’s price initially skyrocketed following the pause on tariff wars, but later faded after the CPI report.
At press time, LINK was trading near $12.05, with a price decline of over 6.50% in the past 24 hours. Earlier, this price decline had been a gain for LINK, but it later faded.
Due to this notable price fluctuation, a significant drop in trader and investor participation led to a 50% decrease in trading volume.
Chainlink Price Action and Technical Analysis
According to expert technical analysis and LINK price predictions, the asset is currently at a make-or-break level. The daily chart reveals that LINK’s price has been hovering within a falling wedge pattern since the beginning of 2025.
It recently faced resistance at the upper boundary of the pattern and is now heading toward the lower boundary.
If LINK fails to break out of its current pattern, it could face a potential decline of 18%. This drop might push the price to the lower boundary near $10.
A bullish Chainlink price prediction depends on the asset breaking above the upper boundary. It must also close a daily candle above $13.50 to confirm the upward trend. If this occurs, LINK could soar by 40% to reach the $19 level.
Expert Comment on Chainlink
Additionally, a prominent crypto expert, Ali, recently shared a post on X and made a bold Chainlink price prediction.
In the post on X, the expert noted that LINK appears to be retesting the breakdown level of an ascending trendline, which it recently broke last week. Meanwhile, it seems the asset is potentially setting up for a continuation toward the $7.50 level.
The weekly chart revealed that this ascending trendline has strongly and repeatedly supported LINK’s price since June 2023. Following the breakdown, the asset has lost its crucial trendline support and the 200-day Exponential Moving Average (EMA) support.
As a result, LINK has traded below the 200 EMA on both the daily and weekly timeframes. This indicator suggests the market is in a downtrend or a weak phase.
Short Positions Mount at $12.58
Given the current market sentiment, traders appear to align with the bearish trend, as on-chain analytics firm Coinglass reported. Data reveals that traders are currently over-leveraged at the $12.08 support level, holding $1.12 million long positions.
On the other hand, $12.58 marks another over-leveraged level on the resistance side. There, traders have built $3.82 million worth of short positions.
These levels and trader positions define the market sentiment, which appears bearish, indicating that sellers are currently in control. They firmly believe that LINK’s price won’t rise above $12.58. However, these levels and trader positions will be liquidated if LINK’s price moves in either direction.