Chainlink mirrored the broader cryptocurrency market’s dump on Thursday, February 5, 2026 as LINK reached multi-year lows last seen in October 2023.
The decline saw the altcoin’s price hit lows near the critical support level at $8, which previously acted as a notable resistance level during the 2022-2023 crypto bear market.
All major coins were in the red on the day, headlined by Bitcoin.
LINK price drops as Bitcoin touches $67,800
As the chart below shows, LINK price hovered above $9.42 earlier in the day, but accelerated lower to test $8.40 intraday.
While prices have stabilized around the fresh lows, the cryptocurrency remains down nearly 9% in the past 24 hours and over 23% down in the past week.
Trading volumes jumped 31% to over $1.4 billion, highlighting the increased pressure that has also seen open interest shrink to $460 million from $700 million in early January.
OI stood at $1.9 billion in August when Chainlink prices changed hands around $26.
The drop to lows of $8.40 and a likely revisit of support comes as Bitcoin declines sharply, touching lows of $67,800 at the time of writing.
LINK thus mirrors the sector-wide pressure as macroeconomic concerns add to the panic selling.
But bulls may see a buy opportunity in all this. Economist Mohamed El-Erian noted via X:
“As the trading session progresses, the sense of forced selling—and the resulting contagion—appears to be intensifying, raising the question of when will buyers step in to exploit the ‘market for lemons’ phenomenon,” he wrote.
The opportunity lies in identifying “good” assets—those that are merely contaminated by proximity but remain fundamentally undamaged—being disposed of by sellers forced to liquidate to cover losses elsewhere.
Chainlink price outlook: technical indicators
For Chainlink, the immediate key resistance now sits at $8.80, the previous daily low, while bulls have to hold the immediate support at the $8.00 mark.
But bulls may yet struggle, given Bitcoin’s sharp crash below $70,000.
The Relative Strength Index (RSI) hovered deep in oversold territory but shows no divergence yet.
A similar outlook is reflected in the Moving Average Convergence Divergence (MACD), which currently alludes to strengthening bearish momentum.
A sustained break below $7.80 could allow sellers to target $6.20 as next support. LINK may drop to lows of $5.
After weeks of downside action, a squeeze resolution typically favors bulls.
The RSI in oversold territory and potential broader market bounce suggests a bottoming out in the $8-$5 area.
If this happens, buyers have clear targets at $9.5 and $11.6. On the daily chart, the next resistance zone aligns with the 200-day exponential moving average (EMA), currently at $15.
Fibonacci retracements from the recent swing high of $26 places the 61.8% level at $15.48.
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