Chainlink Drops 6.67% as Chart Maps $9.50 Downside Level

A Nov. 8 market snapshot put Chainlink (LINK) at $10.74, down 6.67% over 24 hours, as an Elliott Wave chart outlined a possible extension of the decline toward $9.50.

The snapshot also showed about $409 million in trading volume, up 9.35%. LINK had traded near $11.50 before a sharp drop, and rebounds struggled around $10.90. The price fluctuated between roughly $10.55 and $10.90 during the period described.

The Elliott Wave chart presents two interpretations of the pullback. In one, LINK is nearing the end of a second wave after an earlier advance. In the other, the decline is the B wave of a wider correction. Both are conditional readings of the chart, rather than established price paths.

The chart traces LINK’s rise from an August low near $8 to about $16. It then shows a sequence of lower highs beginning in October, with prices beneath a descending resistance line. That pattern leaves room for a deeper retreat under either wave interpretation, even as both allow for a later upward phase.

The chart’s 50% Fibonacci retracement sits near $10.46, followed by a 61.8% retracement near $9.50. It marks further downside references around $9.35, $8.68 and $8.30. These prices identify possible areas of interest during a correction; none is a confirmed floor.

Fibonacci retracements measure how much of an earlier price move has been reversed. In this chart, reaching $9.50 would mean giving back more of the rise than reaching $10.46. The levels describe the chart’s scenarios, not prices LINK is certain to reach.

For a stronger technical reading, LINK would need a sustained move above two separate obstacles: the descending trendline and a horizontal resistance zone around $12. Clearing the $12 zone alone would not satisfy that condition if the price remained below the trendline.