Chainlink’s recent gains have stalled as bears entered the market, leading to a retest of its crucial $16 support level. Analysts like CryptoWzrd are monitoring for opportunities, particularly if Chainlink can hold above the $16.80 resistance which may signal a near-term price rebound. The potential trajectory for Chainlink depends on whether it breaks past the $16.80 level and triggers further buying pressure or fails to do so and experiences further downtrend. The weekend trading conditions could influence market volatility, potentially amplifying any price swings. CryptoWzrd notes that a recovery in Bitcoin’s dominance may also play a significant role in Chainlink’s performance.