Chainlink drops 5% after a 40% leap as Tezos sees 15% gains

Chainlink dominated. The token shot up 40% to reach $8.40, eclipsing its prior peak of $5. From the start of July alone, LINK had climbed 80%, pushing it to the 11th spot among cryptocurrencies by market cap. But the spectacular run came with a sharp pullback. Sellers moved in during recent hours and knocked the price down 6%.

The $5.70 level provided solid support, backed by the volume surge that occurred during the advance to $8.40. Buyers faced the next test at $7.00, a mark set by the 38.2% Fibonacci retracement. The RSI displayed overbought conditions, hinting at consolidation between $7.50 and $6.50. LINK traded at $7.20.

Tezos posted a 15% move over two days to hit $3.18, its highest level in three months. The push lifted XTZ to 12th place in market cap rankings, but a pullback sent it back to 13th. XTZ fell 5% in 24 hours yet remained up 13% for the week.

Traders locked their eyes on the $2.85 to $2.75 band as a critical pivot zone. If buyers held that band, XTZ would have room to push toward $3.00 and possibly reclaim the $3.18 peak. Below that, $2.40 stands as the next major support. Tezos traded at $2.81.