Chainlink (LINK) Price Holds Above $15, Reversal Potential Backed by Onchain Data

During Thursday's U.S. market session, the crypto market witnessed a slowdown in its correction momentum as Bitcoin holds above $82,000.

The cryptocurrency market is currently slowing down its correction momentum during Thursday’s U.S. market session, with Bitcoin struggling to break above the $82,000. As BTC’s price action forms neutral candles, several altcoins are looking to find some bottom support.

One such altcoin that has potential for a reversal is LINK, which is currently being supported by onchain data. According to Chainlink’s In/Out of the Money metric, the $15 price point has 117.71 Million LINK token support by 16.81 addresses.

Chainlink Price Faces Major Resistance Amid Rising Exchange Inflows

This week has seen a massive sell-off in the cryptocurrency market, pushing the pioneer digital asset, Bitcoin, below a three-month low of $82,000. However, Chainlink price has shown some resilience, defending the $15 psychological level. This level saw a long-tail rejection candle, which is a technical indicator that could indicate a reversal in price.

Analysts often view such supply clusters as potential support zones. If prices continue to hover near these levels without significant sell-offs, it could reinforce bullish sentiment.

Conversely, should broader macro pressures intensify, the LINK price could breach the $15 support and trigger massive liquidation of long position holders, further accelerating the selling pressure.

Chainlink Price Eyes Major Reversal Inside Channel Pattern

Along with the $15 support, the Chainlink price seeks support from the bottom trendline of a falling channel pattern. The chart setup on the daily chart displays two downsloping trendlines which act as dynamic support and resistance.

Historical data shows a rebound from the bottom support has seen the LINK price rally by 38-58% to challenge the overhead trendline. If the pattern holds, the buyers should break the channel pattern resistance as a signal to end the current correction trend.

The post-breakout rally could see a rally towards the overhead resistance of $27.3, followed by $30.