Chainlink (LINK) Risks Drop to $8 if This Support Cracks

Chainlink (LINK) Faces Potential Price Decline as Support Levels Waver

According to crypto analyst Ali, Chainlink (LINK) may find short-term support at the lower boundary of its current trading channel, around $12.30. However, if LINK fails to hold that level, it may risk a drop to $8—a nearly 41% decline from its current price.

"LINK could find support at the lower boundary of this channel around $12.30. A break below this level, however, could open the door for a drop to $8," Ali noted.

The broader crypto market continues its sell-off in early Saturday trading, with nearly $700 million in liquidations affecting traders across major assets. LINK has been caught in the downturn, slipping from recent highs while showing signs of weakening momentum.

Chainlink has been on a downward trend since May 27. A brief rebound attempt on May 29 faced resistance at $16.19, leading to further declines. As of now, LINK is down 5.2% in the last 24 hours to $13.71, marking a 13.34% weekly loss.

The drop has pushed Chainlink below its 50-day moving average of $14.79, with prices hitting $13.4 in early Saturday trading—a level not seen since May 7.

Chainlink Celebrates Six Years, Expands with CCIP v1.6 Upgrade

Chainlink recently marked six years since its mainnet launch. In a notable development, Coinbase will leverage Chainlink's proof of reserve to enhance transparency for its $4.6 billion cbBTC reserves.

The CCIP v1.6 upgrade went live on the mainnet in May, introducing support for non-EVM blockchains, starting with Solana. This upgrade also enables CCIP to scale its chain coverage rapidly, meeting growing demand for cross-chain interoperability. Currently, CCIP supports over 57 blockchains on mainnet, with 26 new integrations this year alone.

Earlier in May, JPMorgan executed its first public blockchain transaction involving tokenized U.S. Treasuries on Ondo Finance, using Chainlink to bridge private and public networks.