TLDR:
- Chainlink retests $23 support after liquidity grab, now trading at $23.52 with 24-hour volume near $2.9B.
- Traders say holding $23 keeps bullish structure intact, failure risks drop toward $21.50–$22 range.
- If $23 holds, analysts see $28 as the next major resistance level before any extended rally develops.
- Current data shows LINK down 1.55% daily and 3.42% weekly, keeping pressure on short-term sentiment.
The price of Chainlink is sitting at a level traders cannot ignore. After slipping under $23 in a quick liquidity grab, LINK bounced back and is now retesting the same zone.
Analysts say this retest will set the next direction. A strong hold could trigger another rally. A failure could open the door for lower levels.
Chainlink Liquidity Grab and $23 Price Backtest
Chart insights shared by Bitcoinsensus showed how Chainlink briefly dipped below $23 before reversing. That move washed out positions and cleared stop losses in the process. Traders often view such events as a shakeout before a price reversal.
$LINK backtesting support right now 👀
We saw a liquidity grab below $23 — now price is retesting that same zone.
If it holds, next move could be straight toward $28+
Big level to watch here. 🔑#Chainlink #Crypto pic.twitter.com/MEtQu0eciR
— Bitcoinsensus (@Bitcoinsensus) August 28, 2025
The $23 area now acts as a critical support zone. If the market holds steady at this level, it could signal bullish strength. Many traders monitor these kinds of backtests to enter new positions, especially after sharp drops.
According to CoinGecko data, LINK trades at $23.52 after a 1.55 percent daily drop. Over the past week, the token has slipped 3.42 percent. While losses appear, traders still see the retest as a potential turning point.
Bitcoinsensus noted that holding above this line keeps the market structure intact. A rebound from $23 would point to buyers regaining control. That scenario builds the case for higher price targets.
Traders Eye $28 Resistance if Crypto Price Holds
The next resistance sits near $28. Analysts pointed to this level as the next target if the $23 support holds. The $28 area comes from past chart action, where sellers stepped in strongly.
A clean break above $28 could extend LINK’s uptrend further. To confirm momentum, traders will be watching for higher highs and higher lows. Such a pattern would reinforce bullish expectations and signal strength beyond short-term moves.
Indicators also remain in focus. An RSI above 50 would confirm positive momentum. At the same time, traders look for expanding volume to back any rally attempts. Without this, the $28 test could fail.
However, if support gives way, downside targets shift to the $21.50 to $22 range. This leaves traders with a narrow band of levels to monitor closely. In either case, volatility remains likely around these price points.
