After getting absolutely rejected from the $10.03 resistance and bleeding down hard, ChainLink has found solid buying pressure exactly at the major pink demand zone around $8.80–$9.00. The bounce we’re seeing isn’t weak, it’s aggressive, and the upward arrow you marked captures the current momentum perfectly.
This is important. The sellers dominated for weeks, pushing price lower, but the moment we hit that lower pink box, buyers stepped in with conviction. That tells me the $9.00 area is being defended strongly.
Right now, the big test is the $9.60–$9.80 zone. If $LINK can push through there with volume, we could see a fast recovery back toward $10.00 and higher. But if it fails and gets rejected again, we might see another leg down to retest the lows.
The structure is still bearish overall, but this bounce from strong support shows the downtrend is losing steam. This is exactly where reversals often begin, when price gets defended aggressively after heavy selling.
Personally, I like this setup. The lower zone held well, and we’re seeing early signs of buyer control. This could be the start of a meaningful relief rally if momentum contiues.