Chainlink Holds Key Support as Exchange Reserves Remain Stable
Chainlink (LINK) has recently broken out of its previous trading range of $7 to $10, climbing above $15 before retracing to around $13.89. Notably, exchange reserves of LINK have remained stable between 124 million and 130 million tokens, unlike prior rallies where reserves spiked before price declines. This stability suggests limited selling pressure and stronger structural support for the token.
LINK is currently testing key support at $13.58, a level critical for maintaining the rising trendline. Holding above this level could allow buyers to challenge the broken range again, potentially pushing prices back toward $15.60. A breakdown below $13.58, however, could expose LINK to further downside toward the $12.80, $13.00 support zone.
The recovery of LINK is now targeting the $14.40 liquidity zone, where a push into this range could trigger forced buying via short liquidations. The immediate direction hinges on whether LINK stays above $13.80, keeping the liquidity path available. If it fails, selling pressure could drive prices toward $13.60, $13.50, where another liquidity pocket may attract buyers.
In summary, Chainlink holds above $13.58 with exchange reserves near 124.3 million, targeting $14.40 while $13.80 remains key support.