Chainlink (LINK) Price Prediction: Bears Eye $8.00 Level as Long-Term Floor Disintegrates

LINK is currently trading around the $9.60 mark and is trying to gain some momentum on lower timeframes. As highlighted in our previous analysis, the price broke below the crucial support at $12.00, which triggered a sell-off that pushed it below the next significant support around $10.90 as predicted. With the broader market struggling and Bitcoin dropping toward lower levels, the outlook for LINK is under significant pressure. While bulls are attempting to find some footing on lower timeframes, the overall technical structure suggests the price could correct further in the coming weeks. With that in mind, let’s take a look at the latest charts to see where LINK might be headed next.

Our LINK Price Prediction Summary

• Chainlink has entered a deeper corrective phase after failing to hold the $12.00 support that had been in place since October.
• The $9.50 support is currently being tested, but the oversold RSI has yet to spark a meaningful recovery from bulls.
• Closing weekly candles below the $10.00 macro floor suggests that LINK could see targets as low as $5.00 in the coming months.

Analyzing the Charts

Breakdown of the $12.00 Support

The 1-day chart shows LINK in a persistent downtrend that has continued to extend since the market crash in October of last year. While the $12.00 level acted as a firm support for several months during this decline, the price has now broken below it and is dropping rapidly. Currently, the primary support level we are watching is the $9.50 mark, which has historically served as a support for the price. However, given the strength of the current trend, a further move to the downside is likely. If $9.50 fails to hold, the next major area of interest for a potential floor will be around the $8.00 mark.

Price Stalls at $9.50 Support

LINK is currently holding the $9.50 support level as bulls attempt to push the price slightly higher. However, despite the RSI hitting oversold levels, a clear lack of momentum remains, and the price is struggling to make any significant move upward. The most likely scenario is further consolidation at these levels, eventually followed by a break below the $9.50 mark. From there, we will be watching for a retest of the $8.00 level to see how the price reacts to that area in the short term. This continued lack of strength is why our current LINK price prediction remains leaning quite bearish.

Breakdown of the $10.00 Macro Support

Lastly, the 1-week timeframe confirms that LINK has broken below the $10.00 mark, a critical macro level that acted as a floor during the past two extended bearish runs. This breakdown is an alarming signal for LINK bulls, as staying below this level and continuing to close weekly candles here would likely lead to much deeper corrections. While $8.00 is the next immediate area we are watching, a failure to reclaim the $10.00 zone could eventually push LINK as low as $5.00 during this current cycle.

Final Takeaway: What is Next for LINK?

Chainlink is in a vulnerable position after losing its long-term support at $12.00 and the psychological $10.00 macro floor. While the $9.50 level is currently providing a brief area of consolidation due to oversold RSI conditions, the lack of buying volume suggests this bounce is fragile. The breakdown on the weekly chart is particularly concerning, as it opens the door for further downside. Unless LINK can reclaim and hold above the $10.00 mark, the focus remains on a retest of $8.00, with a risk of dropping toward $5.00 if the broader market correction persists.