Chainlink’s bearish setup deepens – LINK bulls to get their shot at $15 IF…

Key Takeaways

Why is LINK likely to dip toward the $15 level?

This level was the low of a rising channel, and the current bearish momentum could take Chainlink to this key support.

Is a recovery possible from $15?

It would depend on Bitcoin and the wider market sentiment, but onchain metrics such as holder accumulation ratio showed that bullish conviction from holders was extremely high.

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Even before the market crash on the 10th of October, Chainlink [LINK] had shown bearish momentum was growing. The $22 support level back in September was retested as resistance in the first week of October.

In a post on X, crypto analyst Ali Martinez showed a LINK price chart to asset why the altcoin is likely to dip to $15 soon. The idea was based on a rising channel.

LINK was headed toward the bottom of the channel at $15, which would likely see a strong bullish reaction.

Do onchain metrics support the idea of a Chainlink rally?

The first clue was the steadily falling Balance on Exchanges of LINK. This decline was not unique to Chainlink.

Even Bitcoin [BTC] and Ethereum [ETH] saw a decline in exchange balances, taking them to lows not seen in years.

It was a bullish sign for the market, as tokens flowing out of the exchange show they were likely being accumulated.

Accumulation spikes to record levels

The Holder Accumulation Ratio surged to a historic 98.9%. It meant that nearly all addresses with changing balances were adding to their LINK positions.

This level of synchronized accumulation suggested a strong market-wide bias toward accumulation, often preceding major upward movements.

Also, Martinez projected a potential extension toward $46 (1.272 Fib) if the channel support held and accumulation persisted.

Moreover, the Percent of Supply Held by Top 1% Addresses has also climbed steadily, from about 73% in late 2024 to nearly 80% in October 2025.

It showed high conviction from the largest holders to continue to increase their holdings even as the price retraced over the past six weeks.