Chainlink Price Plunges to $7 Amid Project Pangea Sell-Off and Options Expiry

Chainlink's price has been under pressure in recent days, with the token dropping to around $7 as traders locked in profits following the launch of Project Pangea. This initiative, which aims to create a global foreign-exchange infrastructure, was seen as strengthening Chainlink's long-term enterprise case, but short-term sentiment deteriorated ahead of a large crypto options expiry.

The sell-the-news reaction and options expiry intensified selling pressure, pushing LINK back toward a key long-term support zone. According to analysts, the $6.30 support area is critical, while a recovery above $7.70 could ease downside pressure.

The token remains in a bearish channel on the four-hour chart, with every rebound stalling near the upper trendline. The Supertrend indicator continues to print a sell signal, and momentum indicators favor sellers. Unless buyers reclaim the channel resistance and break above the Supertrend barrier, the path of least resistance remains lower.

A decisive weekly close beneath the long-term support zone could expose the psychological $6 level, while a sustained recovery above $8 would be needed to weaken the current bearish structure.