Chainlink holds $11 as analysts eye breakout, key support at $10.75

LINK price stabilizes near key levels

Market observers noted that sellers dominated the latest trading session. After an early bounce from $11.31, LINK’s upward momentum stalled by afternoon, slipping near $10.94 before returning to $11.12. The price remained close to $11.05 as selling pressure persisted.

The immediate support level stood at $10.92, which has been tested multiple times. A lack of momentum above $11.10 indicates that buyers have yet to regain clear control of short-term price action.

LINK’s circulating supply stands at 748.10 million, valuing the project at about $8.27 billion. The token remains significantly below its all-time high of $52.70, recorded in May 2021.

Technical analysis points to a bullish pennant pattern

Technical analyst Lana Valentis identified a bullish pennant pattern on LINK’s daily chart after a robust 50% price advance, signaling the potential end of a prolonged downtrend. The formation has developed just above the $11 level, consolidating gains from as low as $7.50.

If LINK breaks above the upper boundary of this pattern, analysts believe targets at $11.50 and $12 could come into play. Further resistance is expected around $15.50 and $20, with a longer-term projection extending toward the $24.80 mark, contingent upon sustained advances above interim resistance points.

Mini dictionary: Bullish pennant — A bullish pennant is a continuation pattern in technical analysis, signaling a pause during an uptrend before the next potential upward move.

If the pattern fails and LINK drops below the base of the pennant, the $10 area becomes the next level of interest, followed by broader support at $7.50.

Short-term risks highlighted by analysts

Investor Jordan, another market analyst, highlighted that LINK rebounded from below $8, climbing to $11.90 and forming volatile short-term patterns. Attempts to surpass the $11.90 resistance on the four-hour chart have repeatedly faltered, while additional resistance lingers at $12.50.

Weekly support is anchored at $10.75. Should LINK close below this threshold, traders are likely to monitor further downside to $8.50. However, Jordan emphasized that as long as the price holds above $10.75, the sell-off remains hypothetical.

Multiple analysts focus on the $10.75–$11.90 range as decisive for LINK’s next significant move, suggesting that the token’s short-term direction depends on its ability to stay within or break above this band.

Link consolidates in a narrow decision zone

LINK currently trades within a tight band between $10.75 and $11.90. A firm hold above $10.75 would uphold the bullish pennant and could initiate further attempts toward $11.50. If the price fails and drops below $10.75, support at $10.25 and potentially as low as $8.50 may be tested.

Analysts stress that a decisive breakout out of the current range must be backed by a notable rise in trading volume to confirm a direction. Until that happens, LINK is expected to fluctuate between key support and resistance, leaving both upward and downward scenarios possible.