Fear is creeping back in again as Chainlink breaks below support.

If $LINK fails to reclaim and hold above this level, then $6.45 becomes the next major buying opportunity.

However, the monthly timeframe tells a bigger story. $$LINK ooks like it is on the floor after printing 8 straight red monthly candles, something that has never happened before in its history.

Sellers still do not look exhausted here.

And just like Ethereum, $LINK is still holding a bullish pennant on the monthly timeframe.

That structure only invalidates if Chainlink loses the $6 level. Nothing has changed. The bullish pennant first TP is $80, TP2 $100.

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