Chainlink Price Slips Below Crucial Support Level Amid Selling Pressure

Chainlink's price has slipped below the $8.38 support level, breaking through a rising trendline that guided its recovery in July.

The move has shifted short-term momentum towards sellers, with analyst CryptoPatel targeting lower levels at $7.67 and $7.40 if selling pressure continues.

Onchain data shows a new wallet withdrawing 198,100 LINK worth approximately $1.65 million from Binance, but this single transfer is insufficient to reverse the bearish technical structure.

Buyers must defend the $8.20 to $8.35 region to restore the recovery structure and potentially retest higher levels at $8.58 and $8.90. A failure to reclaim $8.38 would keep lower targets visible, including $7.67 and $7.40.