Chainlink’s (LINK) price is predicted to plummet by 2026 according to Elliott Wave Theory, with potential reaching as low as $3-$4. This bearish forecast, developed by market analyst Hamza (@ElliottWavesHub), comes from a log-scale chart that highlights a series of wave patterns and identifies the current state as part of a potential final decline. The analysis suggests a 2021 bull run was part of Wave 3 extension, followed by a subsequent drop into Wave 4. According to the theory, the final Wave 5 is anticipated to be marked by a deep correction, with support zones suggesting a possible crash to $3-$4. An invalidation level above $27.84 could potentially signal a shift towards bullish impulses, possibly even targeting $120 or higher. The analysis has been met with varying reactions, ranging from outright dismissal to cautious agreement, emphasizing the subjective nature of this technical tool. However, Chainlink’s fundamentals remain strong despite these predictions, fueled by its secure data feeds for DeFi protocols, NFTs, and real-world asset tokenization. Recent integrations with major blockchains like Swift and banks highlight its utility in bridging TradFi and crypto. However, persistent inflation, regulatory scrutiny on oracles, and Bitcoin’s dominance could exacerbate downside risks. LINK’s circulating supply has reached over 600 million tokens, potentially impacting upside potential compared to earlier cycles. For investors, this forecast serves as a reminder that historical data suggests holding through corrections is likely profitable in crypto, but overleveraged positions could face liquidation cascades if the forecast comes true. Traders might consider short opportunities below $13 with stops above the invalidation level. Ultimately, while Elliott Wave Theory offers probabilistic roadmaps, on-chain metrics such as staking yields (currently ~4%) and oracle node growth provide a counterbalance to pure technical analysis.