Chainlink price revisits support amid $10 rejection: more pain for bulls?

Chainlink price has retreated to support around $9.50 after a wider pullback across crypto at the start of the week.

LINK now trades below its key psychological level again, notching yet another rejection above $10.

While the decline aligns with Bitcoin price falling sharply in the past two days, can LINK bulls bounce swiftly, or are bears set to inflict further pain?

Chainlink price today

According to data from CoinMarketCap, Chainlink traded around $9.52 at the time of writing, up 1% in the past 24 hours.

The LINK token had recovered slightly from intraday lows of $9.40, but remained below recent intraday highs of $9.80.

The token’s value is also well off highs near $11 last week, reflecting the broader risk-off mood that gripped cryptocurrency markets following renewed macroeconomic concerns and elevated geopolitical tensions.

Meanwhile, trading volumes for LINK showed modest contraction at $593 million, indicating limited conviction behind the small intraday uptick.

As a result of the latest price movements, investors will likely watch out for action around the $9.50-$10 zone.

One eye could be firmly fixed on what happens with BTC in the coming weeks.

Chainlink price forecast

Investor jitters have accelerated this week, catalyzed by recent macroeconomic headwinds and ongoing geopolitical tensions in the Middle East.

Bitcoin’s dip to near $76,000 has weighed on market sentiment and reduced appetite for high-beta altcoins such as Chainlink.

This suggests LINK’s immediate performance could mirror BTC’s outlook.

The retreat to support below $10 could offer fresh buying opportunities for traders seeking to enter on weakness.

However, that thesis could depend on whether downside momentum across the crypto complex abates or intensifies.

On the bullish path, LINK needs to reclaim and hold above the immediate resistance at $10.75 to signal renewed demand and neutralize near-term bearish pressure.

A decisive breakout and sustained volume above this level would open up a potential sweep of liquidity near $12 and then $14.80, where sellers may re-emerge.

However, should buyers fail to defend the $9.50 area, sellers are likely to target lower thresholds.

A close under $9.30 would intensify selling pressure and could see LINK test $8.70 as the next meaningful support.

Broader market outlook

Market maker Wintermute highlighted that prices of major cryptocurrencies have declined as inflation pressures re-emerge as a key market narrative.

The firm also noted that last week’s breakout, which pushed Bitcoin to $82,000, was driven largely by leverage and short covering rather than decisive spot-led buying confirmation.

Higher bond yields and re-accelerating inflation could amplify downside pressure.

However, a reversal higher could support institutional demand and help sustain further gains.

Technical indicators remain mixed, with short-term momentum softening while longer-term trend lines continue to reflect the broader uptrend established earlier this year.

This creates a scenario in which market direction could shift quickly amid multiple catalysts.