The post LINK Weekly Analysis Jan 31 appeared on BitcoinEthereumNews.com.

LINK closed the week with a sharp 8.90% drop at the $9.82 level, taking a breather; although RSI (23.67) in the oversold region signals a short-term reaction buy, the dominant downtrend structure and Bitcoin’s weak performance require a cautious strategy for altcoins. Market structure points to testing the critical support at $8.97, while the resistance band between $10.12-$10.79 holds consolidation potential. LINK Weekly Market Summary LINK traded in the $8.97-$10.84 range last week and closed at $9.82 with an 8.90% loss. Volume profile remained at the $612.28M level, indicating continued selling pressure. Primary trend is downward; failure to hold above EMA20 ($12.03) strengthens short-term bearish signals. MACD confirms bearish momentum with a negative histogram, while RSI at 23.67 is in the oversold region. In the bigger picture, Chainlink’s oracle network role shows resilience amid macro uncertainties, but BTC dominance is pressuring altcoins. For position traders, trend integrity is maintained above $8.97 support; a breakdown increases downside risks. Trend Structure and Market Phases Long-Term Trend Analysis The long-term trend structure is forming in a clear downtrend channel. On the weekly chart, highs have declined from around $14 to $10.84, and lows have sagged toward $8.97. Market structure has taken on a bearish character by breaking higher lows formation; ‘the trend remains intact as long as’ closes are maintained above $8.97, the downtrend will remain dominant. From a three-month perspective, remaining below EMA50 and EMA200 points to a distribution phase. In the macro context, considering we’re in the correction phase of the crypto cycle, LINK’s utility token structure is awaiting BTC stabilization for recovery. Strategically, a strong rebound from $8.97 is required for accumulation signals on long-term higher timeframes. Accumulation/Distribution Analysis Market phase analysis shows dominant distribution patterns in recent weeks. High-volume sales occurred at the $10.84 peak, followed by low-volume consolidation…

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Filed under: News - @ February 1, 2026 12:25 am