NewsBTC

29 March 2025

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Chainlink Retests $14 Support Level Amid Market Correction

Chainlink (LINK) has retraced 9.1% in the past 24 hours, testing the vital $14 support level after reaching an 18-day high of $16. This decline follows a broader market correction impacting major cryptocurrencies like Bitcoin and Ethereum.

Key Developments

• LINK dropped from $15 to $14.07, erasing Wednesday's gains.
• Analyst Ali Martinez noted LINK is in an ascending parallel channel since July 2023.
• LINK reached a two-year high of $30.9 in Q4 2024 but has been in a downtrend for three months.
• Rekt Capital highlighted that LINK must hold the current support area around $13-15.5 to position itself for potential upside.
• A successful monthly close above the triangle top may set LINK up for a 35% increase.

Currently, Chainlink is trading at $14.09, reflecting a 6.9% decline over the month. The cryptocurrency's ability to maintain its position at these levels is crucial for future price movements.