Chainlink’s recent performance highlights a cooling phase after months of steady progress. The token currently trades at $17.40, just below its 20-week simple moving average (SMA) of $19.61.
The Bollinger Bands, with an upper limit of $27.56 and a lower at $11.66, indicate moderate volatility, while price action remains neutral to slightly bearish below the mid-band.
Earlier this year, LINK surged to a swing high of $27.87, marking a strong rally that started in 2023. Since then, the market has seen a corrective retrace, testing lower zones but staying within a longer-term upward structure.
A weekly close below the 20-week SMA reflects short-term caution, while buyers must reclaim the $19.60–$20.00 zone to restore bullish momentum.
Chainlink is at a key Fibonacci decision zone
Technical readings show a mixed picture. The RSI at 47 signals a neutral stance, while the MACD histogram has turned red, hinting at a slowdown in bullish energy.
The Money Flow Index (MFI) near 56 shows capital inflow is still mildly positive, softening the bearish tone.
From a Fibonacci perspective, the retracement from the $10.12 low to the $27.87 high places key levels at $16.90 (38.2%), $18.99 (50%), and $21.09 (61.8%).
The current price sits right between the first two checkpoints, marking a decision zone that will likely define the next major direction.
Bull phase expected by late November
Support remains near $16.90, while a breakdown could test the lower Bollinger level at $11.66 or the 2023 base around $10.12.
On the other hand, a move above $19.60 could reignite a rally toward $21 and possibly $27.90, with the long-term forecast price for 2025 being $52.30.
Analyst Joe Swanson noted that LINK trades in a falling trend channel with resistance at $19.60 and support near $17.17.
Meanwhile, Master Kenobi highlighted that historical correlations between LINK and the M2 Money Supply point to a potential new bull phase starting around late November, extending into mid-2026.
Until then, the cryptocurrency is expected to remain volatile as capital rotates from Bitcoin and Gold into altcoins.