Chainlink price is consolidating above $17 support, but technicals hint at a pullback toward the $15 zone — potentially setting the stage for the next major bullish leg toward $40–$46.
Summary
- Chainlink price is testing a descending trendline with the Stochastic RSI deeply overbought, suggesting a likely retest of $17 or $15–$15.50 support.
- The $15 zone aligns with long-term channel support and the 0.618 Fib, marking a potential high-probability accumulation area.
- Analyst Ali Martinez see the potential dip to $15 as a final corrective phase, projecting a wave-3 style expansion toward $40–$46 once the broader bullish structure resumes.
Chainlink price technical analysis
Chainlink (LINK) price is currently consolidating above $17, where it appears to have formed a short-term base after the October 10 flash crash due to renewed U.S.-China trade tensions. The $17 zone has since acted as near-term demand, while the next major support lies at $15.00–$15.50.
Currently trading at $18.50, Chainlink price is now testing a short-term descending trendline drawn from the post-crash recovery high. However, the Stochastic RSI is overbought near 97, signaling a high probability of retest of the $17 support. If this retest materializes, it would complete the descending triangle structure, which—if broken to the downside—could trigger a dip toward the $15–$15.50 demand zone.
Zooming out, the $15–$15.50 zone represents not just local support, but also a key intersection of long-term ascending channel support and Fibonacci confluence (roughly the 0.618 retracement of the prior impulse leg).
From this perspective, the pullback to $15 could be the final corrective phase within a larger bullish continuation pattern. According to analyst Ali Martinez, the setup aligns with a wave-3 style expansion or a measured move projection toward $40–$46, the upper channel target — representing a 167% to 207% potential gain from the $15 level.
