Chainlink Breaks Below Major Support: What To Expect For LINK Price?

• Chainlink drops in 24 hours as price breaks below 0.786 Fibonacci support.
• Token declined 15% over seven days and 9% across past 14-day timeframe measured.
• MACD indicator remains in negative territory with histogram showing continued selling pressure.

Chainlink price struggles to maintain key support levels as reduced futures open interest raises questions about the token’s next direction. LINK currently trades at $13.50, showing a 2.4% decline over the past 24 hours.

When comparing LINK’s performance to Bitcoin and Ethereum, the token mirrors the market downturn, particularly as Bitcoin had fallen below $90,000.

Technical levels define downside trajectory

Chainlink’s weekly chart reveals the crypto asset still faces bearish pressure, with price struggling to hold above key support levels. Fibonacci retracement levels show LINK tested support around the 0.786 level at $13.91 and broke below it.

If LINK fails to reclaim and maintain this level, the token may fall further toward the $12.00-$13.00 region. The 1.0 Fibonacci level sits at $10.11, offering the next major support zone if current levels fail to hold.

For resistance, the $16.89-$19.00 range stands out as a key area that LINK may struggle to surpass in the short term. If the price can break above these levels, it could signal a shift toward bullish recovery.

Momentum indicators reinforce the bearish outlook. The MACD line remains below the signal line, with both indicators in negative territory. This suggests the current downtrend is likely to persist. The histogram, also in the red, indicates selling pressure continues to dominate market activity.

Chainlink open interest correlation reveals weakness

The Chainlink Futures Open Interest chart shows an interesting correlation between LINK price and open interest in futures contracts over recent months. Open interest displays a steady increase in futures activity as LINK price rises.

From June to August 2025, there was a surge in open interest reaching its peak around August, coinciding with LINK’s price rise above $25. However, as open interest started fluctuating downward in late August and into September, price followed a similar downward trajectory.

This correlation suggests that reduced futures participation may limit upside potential until open interest stabilizes or begins increasing again. Lower open interest typically indicates reduced conviction among traders about near-term price direction.

Whether Chainlink can rebound from current levels depends on multiple factors including Bitcoin’s ability to stabilize above $90,000, broader cryptocurrency market conditions, and LINK-specific catalysts such as partnership announcements or network adoption metrics.