Chainlink Struggles To Hold $23 Support and What That Means for 2025

While Chainlink (LINK) emerged as a market leader in 2023 alongside Solana (SOL), its momentum faltered in 2024.

After a disappointing year, LINK saw a dramatic 200% surge in November, only for its gains to be wiped out by a December downturn. This left the altcoin struggling to regain its footing in 2025.

Now trading near the critical $23 support level, LINK faces a pivotal juncture. A breakdown below this key level could negate its bullish prospects and potentially usher in a bearish trend for the year.

Chainlink Deviates Above Resistance

Chainlink has fallen sharply from its 2024 high of $30.94, casting doubt on the strength of its bullish trend. The price has dropped below the critical $23 support level, which aligns with key Fibonacci levels, signaling potential weakness.

This $23 level holds significant importance as it marked the yearly high in March.

A true breakout above this resistance should see prices hold or retest this level before continuing higher.

However, if LINK closes below $23, it would confirm the previous breakout was merely a deviation, invalidating the bullish outlook.

Technical indicators are showing weakness. The Relative Strength Index (RSI) declined below 70, and the Moving Average Convergence/Divergence (MACD) created three consecutive lower momentum bars.

Even though the indicators are still above their bullish thresholds, the readings are worrisome, especially when combined with the bearish price action.

When Will Chainlink Find Its Bottom?

While Chainlink’s weekly chart casts doubt on the continuation of its uptrend, the daily chart offers a more optimistic outlook. It suggests that LINK is currently in the fourth wave of a five-wave upward movement that began in August 2024.

There remains uncertainty about whether wave four has concluded or if another low is imminent. The sub-wave count leans towards the possibility of another dip, which would complete sub-wave C.

The most likely bottom lies between $17.95 and $20.45, a range defined by the 0.5-0.618 Fibonacci retracement levels. A decline to this target would also confirm the resistance trend line of the prior ascending parallel channel.

While a lower low is possible, the wave count suggests this downturn is temporary. Once Chainlink completes wave four, the price is expected to rebound as wave five begins. A clearer target can be established after the completion of wave four.

Chainlink’s 2025 Trend

The price action and wave count for Chainlink do not align, making it difficult to predict the Chain’s trend in 2025. While the price started the year on a bullish note, the ongoing decline has almost invalidated its breakout. Whether the price closes above $23 will likely determine the future trend.

About the Author

Valdrin Tahiri

Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.

He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.

Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.

He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.

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