Chainlink crypto price prediction is seeing bearish pressure, after a U.S. government wallet transferred $768K worth of LINK, which now raising downside risks.
Key Insights:
Chainlink (LINK) looked poised to extend its bearish trend in the coming days, despite printing a 2.75% gain today. This bearish outlook for Chainlink crypto seems to be potentially driven by ongoing geopolitical tension, recent breakdown of multi-year key support and primarily altcoin sell off by the US government.
A report by a crypto transaction tracker, Lookonchain, discloses that the U.S. government (FTX Alameda Seized Funds) dumped a massive 98,590 Chainlink crypto (LINK) worth $768K to Coinbase Prime.
This crypto sell-off amid the ongoing market uncertainty appears to be reinforcing LINK’s broader bearish trend. It’s adding further downside pressure turning chainlink crypto price prediction bearish.
At press time, LINK price was up 2.75% over the past 24 hours and traded at $7.80. With rising prices, market participants showed growing interest in the asset. The same also reflected in the trading volume, which surged 14% to $307 million.
Despite today’s gain, the short-term Chainlink crypto price prediction remains bearish. According to TradingView's daily chart, LINK has recently lost its control over $7.85, a level that has acted as a strong key support since October 2023.
However, the recent breakdown, combined with a daily candle close below the key support level, opened the doors for further downside movement in the coming days.
Similar to today’s upside move, LINK attempted to reclaim the key $7.85 level on June 9, 2026, but failed. Now, the asset appears to be making another attempt to regain that level. Looking at the daily chart, it seems that Chainlink is potentially retesting the breakdown zone and preparing for the next leg lower.
Based on the current price action, if the LINK remains below the $7.85 level, it has a strong potential to see a price dip of 11% and may reach the $6.96 level. However, this bearish thesis could be invalidated if the Chainlink crypto price either reclaims the key level or closes a daily candle above the $8.10 mark.
At press, the technical indicator, Average Directional Index (ADX) that measures the directional strength, rose to 29.73, above the key threshold of 25. This indicates that LINK is currently experiencing a strong directional trend, further strengthening it bearish outlook.
Meanwhile, Chainlink crypto price prediction on the weekly timeframe also points to a bearish trend with sellers in control. According to the weekly chart on TradingView, Chainlink has already lost the major support zone between $9.90 and $11.40, which had acted as a key floor since October 2023. In fact, the asset attempted to reclaim this zone but failed to do so.
More recently, LINK lost another key support level at $7.85, further reinforcing the bearish outlook. As a result, the asset could continue its downward move toward the next support levels at $6.66 and $5.68. Meanwhile, the ADX remains above 30, indicating that the current trend possesses notable strength.
Despite a bearish outlook, both crypto and Wall Street investors have shown a remarkable interest in LINK, as per analytics platform CryptoQuant and SoSoValue.
Data from CryptoQuant shows that the Chainlink crypto reserve on the exchanges has declined notably from 128.90 million to 127.37 million over the past month. This shows that investors and long-term holders have withdrawn a massive 1.53 million LINK tokens from exchanges to their wallets, indicating potential accumulation.
Meanwhile, data from SoSoValue reveals that U.S. spot LINK Exchange Traded Funds (ETFs) have attracted a notable inflow of $2.82 million, so far this week.
These potential accumulations amid government-seized crypto sell-offs hint that LINK still possesses strong long-term potential, and the current price level could represent an ideal buying opportunity for investors.
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