Chainlink Price Tests Key Support at $13.80 Amid Limited Selling Pressure

Chainlink's recent price movement has deviated from its historical price movement and exchange supply correlation. After breaking out of its previous trading range between $7 and $10, Chainlink moved above $15, but has since trended downward towards $13.89.

Despite this upward move, LINK reserve balances on exchanges remained relatively unchanged between 124 million and 130 million LINK, which is significantly less than the record high of 190 million at the beginning of 2024, according to CryptoQuant data.

This suggests that the rally may have occurred without the typical increase in supply that would normally occur with a price increase, potentially limiting selling pressure and supporting the underlying structural integrity of the token.

Chainlink's next test will be to determine if the price can regain short-term momentum past its short-term base. The buyers were able to quickly defend $13.58, allowing for the price to rebound toward $14.00 and limit the overall downward movement.

Holding $13.58 was critical, as it separates a controlled pullback from a deeper structural breakdown. A breakdown below $13.58 opens exposure to the $12.80-$13.00 support zone, which would further weaken the short-term recovery structure.

Chainlink's recovery is now approaching a liquidity zone that could determine its next short-term move. The strongest concentration of liquidity exists within the 14.25-14.40 range, creating a potential upside magnet if buyers sustain momentum.