Chainlink Corrective Phase Triggers Technical Reversal
Chainlink (LINK) has entered a correction phase after its strong rally in early September. The token's price surged from below $9.50 to a high near $13.70, but then saw an abrupt reversal due to aggressive selling.
The recent decline has returned Chainlink to its late-August trading range, where technical traders often watch for buyer activity. Crypto analyst More Crypto Online described the move as a potential wave (A) of an ABC corrective pattern, which could signal more volatility ahead before a recovery trend forms.
He identified the $12.30, $13.21 region as the first significant resistance for LINK. Sustained trading above this area could support a bullish case, but ongoing rejection may continue to pressure the token throughout the correction.