The Chainlink price has displayed increased volatility over the past few days as the market has recorded major price action over the past week. With an intraday jump of over 6%, it is on the path of retesting its $12 mark with a trading volume of $541.12 million.
LINK Crypto Records Increased Whale Activity
Amid the increasing volatility, the Chainlink token has experienced a huge spike over the recent times. As per the latest data from Lookonchain, a well-known page among investors for whale activity has recently posted about a major transaction involving the Chainlink crypto.
Notably, non-circulating Chainlink wallets have deposited 17.85 million LINK tokens worth approximately $149 million into Binance cryptocurrency exchange. With this, LINK has successfully executed 11 major unlocks out of which most were followed by price pumps.
Chainlink Price to Witness Major Retest
The Chainlink price has formed a descending channel pattern in the daily time frame and continues trading within it since May 2025. Moreover, it is on the verge of retesting its support trendline, highlighting increasing price action for LINK crypto in the market.
On the other hand, it has also formed a strong support zone around the $11.50 mark and has maintained its value above it since October 2024. With the ongoing market sentiments, the uncertainty for it is significantly rising.
The volume indicator displayed a sharp spike during April, however, it has witnessed a consolidated action since then. This shows a weak buying and selling pressure for the LINK price in the market.
The Stochastic Relative Strength Index (RSI) indicator has plunged below the oversold range as the market sentiments turn volatile. Positively, it shows a bullish convergence in its average trendline in the daily time frame. This hints at a high possibility of a reversal in the upcoming time.
If the Chainlink price successfully retests its support trendline this week, it could result in it heading back toward its resistance levels of $13 or $15 respectively.
Conversely, if the bears outrun the bulls, this could pull the price of LINK token toward its support trendline of the descending channel pattern around the $11.50 mark. Additionally, a sustained bearish action may plunge the value toward its crucial support of $10 shortly.
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