Chainlink Price Analysis: Will LINK Drop Below $10 or Rise Back Above $15 This Month?
Ever since Chainlink’s price volatility spiked, the popular DeFi token has gained immense attention. After the recent price action, the price has entered a crucial phase, which has raised questions about whether it is preparing for a recovery. Although the fundamentals continue to outweigh the price action, they do not always translate into immediate price gains. With the LINK price approaching an important technical zone, it would be interesting to watch whether Chainlink regains bullish momentum this month and reclaims $15.LINK Price Faces Significant Selling Pressure The LINK price appears to be losing bullish momentum after the recent rally, as it is forming lower highs and lows. The sellers continue to maintain significant pressure, and the price is approaching an important support zone. Currently, the price is trading around $11.93, below the ascending trend line. This breakdown suggests the short-term trend has weakened, but the next move will depend on how the price reacts at nearby support.The RSI also reflects a notable shift in momentum, as it has been in a downtrend. This suggests the selling pressure remains noticeable but is yet to reach the lower threshold at 30. Therefore, if the selling pressure continues and LINK breaks the support at $11.39, it may test the decisive zone around $10. On the upside, LINK could move toward $14 if it regains momentum and improves its short-term outlook. For now, the reaction around $11.40 is crucial, as the recovery will be triggered only if the rally holds above this range.Falling Open Interest Adds to Market Uncertainty Alongside the weakening price structure, Chainlink’s derivatives market is showing another important shift. The open interest from Coinglass indicates that outstanding positions increased significantly during the past few months, before retreating as LINK pulled back from its late-September rally.The open interest has declined to $570 million after falling from $900 million, reflecting a substantial increase in derivative exposure. This simultaneous decline in price and open interest suggests that the traders are reducing exposure as market momentum weakens. It could indicate that the leveraged positions are being closed, reducing speculative activity in the market.The Bottom Line-What’s Next for Chainlink Price Rally?Chainlink price and derivatives point to weakening momentum, with a drop in the RSI and open interest. The $11.40 pivot support is the next key level to watch, while a sustained recovery above the broken trendline could improve the outlook.If LINK price holds support and regains momentum, a move toward $13.58 is possible, with $16.55 as the next major resistance. Besides, a decisive break below $11.40 could expose the rally towards the support around $10. Moreover, the lower pivot at $8.43 becomes a potential lower target.For now, the next price action of Chainlink depends on whether buyers can defend support or sellers push the price lower. A confirmed daily close beyond these key levels, supported by volume and changes in open interest, would provide a clearer signal for the next move.