Chainlink Price Near $8.30: Elliott Wave Pattern Suggests Bigger Rally Ahead
The LINK price is sitting around the 8.30 level as traders are considering a structure that could be a long-term reversal.
LINK has been consolidating over the last 24 hours after aggressive selling.
On the flip side, analyst Chetan has summed up an Elliott Wave scenario indicating a far more significant rebound, although daily timeframe indicators still indicate the coin needs boosted momentum for an instant breakout.
Chainlink Price Chart Maps Major Wave C Move
Market analyst Chetan explained one potential long-term outlook on X for Chainlink. He noted that LINK completed five sub-waves within an expanding diagonal structure, and the structure completed its primary A wave in December 2024.
However, the chart later repositions LINK within a larger corrective primary B formation. The price has descended to a key Fibonacci support zone near the present point. Interestingly, the projection on the chart indicates a primary C rally forming once the correction finishes.
The Elliott Wave chart indicates that LINK is testing the lower portion of its multi-year structure. Various Fibonacci retracement levels are aggregated in the current zone. The price looks to have bounced after hitting a deeper retracement support.
However, the possible primary C path is now pointed north well out of LINK’s recent trading range. This would imply the apparent weakness is just a larger corrective cycle rather than another leg lower in the expansion phase.
LINK Trades Near $8.32 After Narrow Session
Based on Brave New Coin data, Chainlink is priced at $8.32, down 0.10% in 24 hrs. During the day, the highest was 8.38$ and the lowest was $8.26, indicating a narrow range of intraday movement.
According to the market capitalization, Chainlink is approximately $6.22 billion USD. The reported trading volume is approximately $106.77 million USD. The circulating supply is about 748.10 million LINK. This token is trading 84.21% below the $52.70 all-time high.
Additionally, the 24-hour price chart indicates that the price tried to bounce back above $8.32 a number of times. Each time, sellers drove the price back down towards the $8.27-$8.29 area, but the price bounced back again, bringing buyers back into the market.
Price challenged briefly at 8.34 and has subsequently retraced part of its advance. As a result, the intraday structure of LINK is confined to a band of $8.26-$8.38 at present.
Short-Term Momentum Still Needs Stronger Buyers
In the meantime, TradingView data shows LINK/USDT trading at around $8.305. The one-minute chart displays frequent back-and-forth trading around the $8.26 to $8.35 range. Throughout the course of the day, LINK also gained a handful of steep intraday rebounds before settling back at the $8.30 level.
The MACD line is around 0.001—just above the signal line at around zero. That suggests short-term momentum is trying to get better. But the histogram is still close to zero—that suggests there isn’t much momentum behind the action.
In addition, the 14-period RSI for LINK is at 43.82, which is below the neutral 50 level. The RSI moving average is at 54.51. This divergence indicates that the recent price momentum has cooled off after the early 1130 am dips.
Trading volume rose as well on a few late-session moves. However, LINK is still maintaining roughly $8.30, rather than retesting the session low. Moving back above the daily highs of $8.38 would add to the strengthening of the near-term recovery structure.
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