Key Insights
- •Chainlink (LINK) price approached the $15 support level as analysts identified potential reversal signals on technical indicators.
- •Multiple crypto market observers pointed to bullish divergence patterns emerging on shorter timeframes for Chainlink.
- •The token held above key support zones despite broader market volatility on November 2-3.
Chainlink (LINK) tested critical price levels over the weekend as technical analysts debated whether a dip to $15 represented an accumulation opportunity or further downside risk. The token traded at $16.10 on November 3, down 8.3% in 24 hours, as analysts monitored key support zones.
Analyst Ali Martinez posted to X on November 2 that LINK price could find its “golden buy zone” near $15 before launching toward $100. Martinez shared a long-term price chart showing Chainlink trapped within a symmetrical triangle pattern that extended back to 2022. The chart depicted converging trendlines suggesting compression ahead of a potential breakout, with the lower boundary sitting near the $15-$16 range. The multi-year chart showed LINK price bouncing from approximately $2.45 at the triangle’s origin in 2022, climbing to peaks above $50 before consolidating within the pattern. Martinez’s projection indicated a measured move target toward $100 if Chainlink broke above the upper trendline resistance.
Chainlink Price Holds Above Key Technical Levels
Trader Rick Barber offered a more near-term analysis on November 3, noting that the LINK price displayed bullish divergence on multiple oscillators. Barber pointed to the Stochastic RSI and standard RSI, both of which showed divergence patterns where the price made lower lows while the indicators formed higher lows. The MACD remained in a bullish crossover configuration, with the signal line above the zero level. Barber’s chart displayed a daily time frame view of the LINK price from August through early November. The analysis highlighted a volume shelf near $14.50-$15.00 that served as both support and a historical reversal area. Order book data indicated concentrated buy-side liquidity in this zone, represented by pink volume bars on the right side of the chart. The trader wrote that unless LINK price closed below $15, current weakness represented “short-term noise and the flushing of fear.” Barber expected a bounce following the US market open and anticipated updates from Chainlink’s SmartCon conference to generate attention.
Fundamentals Supporting Chainlink Price Action
Chainlink fundamentals strengthened during the period of LINK price consolidation. The protocol expanded its Cross-Chain Interoperability Protocol (CCIP) to TON Network and added Stellar to its SCALE program. Both integrations introduced data feeds, data streams, and cross-chain connectivity to new ecosystems. The project launched equity and ETF Data Streams, partnered with ICE for foreign exchange and precious metals data feeds, and introduced DataLink for institutional data publishing. Swift selected Chainlink’s compliance architecture as a 2025 hackathon winner and advanced blockchain-based ledger work at the Sibos conference. Chainlink services have received ISO 27001 certification and SOC 2 Type 1 attestation from Deloitte & Touche, addressing the enterprise requirements of financial institutions. The protocol’s Total Value Secured has surpassed $100 billion, with an approximate 70% market share in the oracle sector, according to DeFiLlama data. The Chainlink Reserve accumulated 523,159 LINK through on-chain and off-chain revenue mechanisms, while Smart Value Recapture on Aave redirected liquidation maximum extractable value to protocol stakeholders. The US Department of Commerce partnered with Chainlink to publish Bureau of Economic Analysis data on-chain, enabling GDP and personal consumption expenditure figures to be accessed across multiple blockchain networks.
Technical Resistance Remains Above Current LINK Price
Despite the bullish predictions, there are still scenarios in which the LINK price faces significant challenges. Analyst Cryptowzrd posted a contrarian view on November 3, stating that LINK price needed to reclaim $16.90 on intraday charts to confirm bullish momentum. The analyst’s chart showed Chainlink trading in a downward channel from late September highs near $20, with the token failing to break above descending trendline resistance.
Cryptowzrd’s daily chart depicted LINK price at $16.42, below a purple support zone marked at $16.90. The analyst noted that remaining under this level kept the near-term bias bearish despite some constructive patterns on lower timeframes. Additionally, he noted a lack of directional conviction in LINK’s current price movement. The technical setup indicated that the LINK price faced resistance at multiple levels, including the 50-day moving average near $17.50 and the descending trendline from the September peaks. Volume profiles showed heavier trading activity between $18 and $20, creating potential supply overhead. Despite clear triggers, current analysis indicates that the LINK price movement remains uncertain. Traders should wait for a clear make-or-break before placing their bets.