Chainlink (LINK) continues to display weakness as it tries to move upwards, indicating that investors should be cautious when investing in other cryptocurrencies. Analysts have indicated that unless Chainlink can move past $9.20, it will continue falling.
At the time of writing, LINK is trading at $8.29, down 6.26% over the past 24 hours, with a market capitalization of $5.90 billion and a 24-hour trading volume of $573.98 million, according to CoinMarketCap.
On February 28, 2026, crypto analyst CRYPTOWZRD stated that daily charts look a bit bearish, but emphasized that “Chainlink needs to reclaim key resistance levels to start a stronger trend.”
“Both the daily candles for LINK and LINK/BTC closed on a bearish note today. Unless Bitcoin shows positive dominance, LINK could face further declines,” CRYPTOWZRD stated.
At present, the LINK is trading below $9.50. If the price holds above this level, the price may move up towards the $12.00 level. The short-term strategies would focus on the lower time frame charts in order to identify the price movements for the weekend.
In intraday trading, LINK has been fluctuating in a narrow and somewhat bearish range. A potential buying opportunity may be available if it breaks through the resistance of $9.20. Its main support is located at $8.20. Analysts recommend that investors wait for a better entry point before entering new positions.
Also Read | Filecoin (FIL) Breakout Above Neckline Could Lead the Rally Toward $1.18
LINK’s technical indicators show that bearish pressure is still prevailing. Its Relative Strength Index (RSI) is at 30.12, with its signal line at 36.59.
As shown in the moving average ribbon, there is strong bearish pressure on the price of LINK, as all major averages are above the price. The 20-day SMA is at 12.79, the 50-day SMA is at 15.55, the 100-day SMA is at 15.60, while the 200-day SMA is at 12.39.
Moving Average Convergence Divergence (MACD) also indicates the presence of negative momentum, with the MACD line at 0.495 and the signal line at 1.875. Although the histogram indicates a slight recovery attempt at 2.37, both lines remain below zero.
Also Read | Evernorth Signals Massive XRP Opportunity in Asia’s $100T+ Wealth Market
