The weekly price chart of Chainlink suggests the token continues to trade within a long-standing accumulation range, with price action largely confined between $5.5 and $9.5 for an extended period. Currently, LINK is trading close to the $9 region, which has historically acted as a key resistance level within this accumulation structure. The repeated rejection from higher levels suggests that the market remains in a phase of consolidation, where buyers and sellers continue to battle for control.
From a momentum perspective, the weekly Relative Strength Index (RSI) has now approached the lower threshold for the first time since June 2022. Notably, the indicator is beginning to display a bullish divergence, where price forms similar lows while the RSI prints higher lows. This pattern often signals weakening selling pressure and the possibility of a gradual trend reversal. The Chaikin Money Flow (CMF) continues to trend downward, reflecting declining capital inflows into the asset.
Overall, Chainlink appears to remain in a prolonged accumulation phase, with price likely to continue consolidating between $5.5 and $9.5 in the near term while the $8 level acts as immediate support. If LINK price manages to reclaim $9.5, the next potential targets could emerge around $12, followed by $15–$16 in the mid-term. However, a breakdown below $8 may push the price toward $6.5, with the $5.5 zone acting as the major long-term support within the broader accumulation structure.
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