Crypto markets woke Monday to fresh technical chatter around Chainlink (LINK), after chart-focused analyst Ali Martinez warned that the token needs to “reclaim $28 as support to avoid a drop toward $16.” The warning comes as LINK trades well below mid-$20 resistance but remains far above the deep-pullback levels some traders are watching.
At the time of writing, Chainlink is trading around $22.96, having bounced from its recent lows but still showing choppy price action as traders weigh whether the recent rally has enough momentum to sustain higher levels. Martinez, a widely followed technical analyst on X/TradingView, has flagged a key near-term band for LINK.
In his analysis, failure to flip the mid-$20s and specifically $28 into reliable support would leave the token vulnerable to a deeper correction toward the $16 area, a level Martinez and other on-chain watchers have previously identified as a demand zone. That downside scenario would likely be triggered if LINK loses its current trendlines and selling accelerates.
Bull and Bear Case
On the bullish side, several market commentators point to a possible run toward $28–$30 if LINK can clear and hold resistance around the mid-$20s. Some LINK price predictions lay out a path where a successful breakout would open higher targets in the high $20s and low $30s, supported by on-chain signs such as rising accumulation and shrinking exchange reserves.
Conversely, on-chain data has shown large movements of LINK off exchanges in recent sessions, a signal sometimes interpreted as accumulation but also one that can precede volatile redistributions. If sellers reappear and LINK loses the mid-$20 structure, liquidity could push the token back toward lower support bands, with $16 repeatedly cited by analysts as a critical downside target.
Market Context and What to Watch
Chainlink’s immediate fate is still tied to broader crypto market sentiment. Bitcoin (BTC) and Ethereum (ETH) trends, macro headlines, and flows into indexed products can all amplify LINK moves. Traders will be watching whether LINK can reclaim $28 and keep it as support (Martinez’s line in the sand). They will also be watching exchange reserve changes and large wallet flows (whale accumulation vs. distribution).
For now, Chainlink sits in a tense middle ground: enough buying pressure to stabilize the low-$20s, but not yet the convincing breakout bulls want to target the high-$20s. Martinez’s warning is a crisp reminder of how quickly altcoin technicals can flip, reclaim the $28 band and the outlook brightens; lose it and a slide toward $16 becomes a much more actionable risk for traders.
