Is Chainlink Ready to Bounce or Just Going Down the Rabbit Hole? Find Out Now!

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Ah, the delightful world of Chainlink! Our dear friend, Cantonese Cat, is hopeful (we do love a good optimist) for a long-term rebound somewhere between $34-$88, but it seems Olson’s bullish dreams were dashed quite spectacularly. Currently, LINK is fighting off renewed selling pressure, flirting dangerously close to crucial support at $16.50. Talk about a dramatic turn of events! 😏

Analysts Observe Key Gann Arc Support Zone

And here we are, at a thrilling crossroads in the Chainlink saga. The coin is now shimmying around a key Gann arc support level on the weekly chart. According to Cantonese Cat (who really does have a way with these things), this feels eerily familiar to the buildup before those big price swings. How exciting! 🕺 The price is cozying up to $17, where multiple Gann angles conveniently intersect, creating a nice little safety net that has acted as a springboard for bullish reversals before. Oh, what a classic tale of technical analysis!

In the world of Gann arcs, the forecast for mid-2026 is looking rather juicy, with the expectation that the current structure is in the midst of a cyclical rotation. A recovery above the current support could spark another dramatic expansion towards resistance zones between $34 and $88. These price ranges have been hotspots for rapid rallies in past cycles. Nothing like a good old history lesson to get the heart racing. 😏

Analyst Reviews His Earlier Price Targets

And now, the plot thickens-Jesse Olson’s earlier predictions didn’t quite pan out as hoped. He envisioned Chainlink charging ahead to four price targets, possibly even making a new all-time high. But, alas, the coin only made it to three of those targets before the market decided it needed a little rest (read: crash) in May 2021. A brief respite, if you will. 🙄

Olson’s recent musings reveal that each time Chainlink tried to break above that pesky $32-$36 resistance zone, it was swiftly met with a cold slap from sellers. That boundary, my friends, has become the stuff of legend. Olson’s updated analysis paints a long-term downward trajectory, despite the occasional enthusiastic buying bursts. The struggle is real, folks.

Current Price and Technical Levels

And now, the drama continues with LINK trading at a mere $16.96 after a 6.65% drop over the past 24 hours. It tried, oh how it tried, to hold the fort above $18 earlier this week, but alas, that was not to be. The daily trading volume has slipped to $1.21 billion, with a market cap of about $11.81 billion. Not bad, but certainly not enough to get it out of the bottom of the rankings. Currently holding onto the 16th spot among the crypto elite.

Now, according to the latest chart, it appears the sellers have regained control. The $17.20 level was the final straw, and now immediate support sits between $16.50-$16.70. A drop below $16.50 could have us all reaching for the smelling salts as we head down towards $15.80. But hey, who doesn’t love a good correction? 💅

Market Outlook and Trading Considerations

Despite the current turbulence, there’s no denying Chainlink’s key role in decentralized finance and its Oracle integrations. Its partnerships across smart-contract platforms remain as steady as ever, even in these market slowdowns. How very reliable.

But let’s not give up hope just yet! A recovery above $17.50 could suggest that buyers are rallying behind the Gann arcs and defending long-term support. We’ll just have to wait and see if Chainlink can keep it together or continue its downward waltz. Time will tell…⏳

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2025-10-31 23:30