Chainlink Drops 3.5% As Price Tests the $11.69 Support Ahead of Weekly Close

Chainlink is trading close to a significant support level at $11.69 at the point of an intersecting horizontal level and an upward trend line.

After three days of losing price by 3.5 percent, the weekly close can be the factor which would cause the price to stabilize above this level.

The narrow range of LINK is between $11.69 and $12.32 and shows compressed short-term volatility.

Chainlink started the week in close proximity to a significant technical zone that consists of a long-term horizontal line and an ascending trend line. The asset has been on a downward trend over the last few sessions, and is currently near the area that has affected the price movement at least 5 times in the last one year of operation

The price trades at $11.81 after a 24-hour decline of 3.5 percent, which places Chainlink close to its identified support at $11.69. This development shapes the immediate focus on how the market reacts if price holds above this zone. The 24-hour range also narrowed between support and resistance at $12.32, which provides context for the next move. These conditions lead into a broader look at how the level aligns with recent structure.

Price Nears Established Horizontal Zone

Chainlink is trading just above the horizontal range which accommodated the previous sessions. The support is at the level of $11.69 and this means that the price is just above its recent floor. The drop of 3.5 percent in the last day pushed the price to that level and the 24-hour range is a contracted movement

Moreover, the price relationship to this area provides traders with a clearer view of recent stability. This region supported multiple weekly reactions, which explains why the current approach toward it draws attention.

Trend Line Aligns With Current Trading Area

The horizontal level intersects with a rising trend line derived from previous weekly lows. This trend line slopes upward and connects several points from the past months. Chainlink now approaches this line after a sustained move from earlier highs. However, the market continues to watch whether the line maintains relevance during this test

The price at $11.81 remains slightly above the point where the lines meet, which reinforces why traders monitor the weekly close. Additionally, the trend line helps define the broader structure that formed through mid-2024 and extended into late-2025.

Weekly Close Expected to Guide Lower-Timeframe Focus

The upcoming weekly close gains significance because it may confirm whether the current area holds. This close will also show how price behaves between support at $11.69 and resistance at $12.32. Furthermore, the market observes how Chainlink trades relative to BTC and ETH pairs, which currently stand at 0.0001407 BTC and 0.004339 ETH

These pairs moved 4.3 percent and 3.6 percent during the period. Their movements help clarify short-term positioning. As a result, traders wait for confirmation before examining potential setups on lower timeframes. The interaction between the horizontal level and the trend line shapes near-term expectations, and the weekly finish will give clearer direction.