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.
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.
