{"id":1752,"date":"2025-06-02T16:39:41","date_gmt":"2025-06-02T16:39:41","guid":{"rendered":"https:\/\/bitunikey.com\/news\/chainlink-correction-may-be-over-as-bullish-pattern-targets-30-92\/"},"modified":"2025-06-02T16:39:41","modified_gmt":"2025-06-02T16:39:41","slug":"chainlink-correction-may-be-over-as-bullish-pattern-targets-30-92","status":"publish","type":"post","link":"https:\/\/bitunikey.com\/news\/chainlink-correction-may-be-over-as-bullish-pattern-targets-30-92\/","title":{"rendered":"Chainlink correction may be over as bullish pattern targets $30.92"},"content":{"rendered":"
\n

Chainlink price sold off over the past few days, mirroring the performance of Bitcoin and other altcoins.<\/p>\n

Chainlink (LINK) dropped to $13.70 on Monday, its lowest point since May 8 and 23.75% below its May high. Despite this correction, here are three key reasons why LINK may rebound this month.<\/p>\n

A key bullish catalyst is the decline in LINK supply held on centralized exchanges, as investors move tokens into self-custody wallets. According to Santiment data, there are now 192 million LINK tokens on exchanges, down from 226 million in November 2023.<\/p>\n

This decrease signals growing investor confidence in Chainlink\u2019s long-term recovery potential.<\/p>\n

That optimism is backed by Chainlink\u2019s strong fundamentals. The project has secured partnerships with high-profile institutions such as JPMorgan, ANZ Bank, UBS, Coinbase, Solv Protocol, and Swift.\u00a0<\/p>\n

These companies are exploring how to integrate Chainlink\u2019s technology into the real-world asset tokenization space. Chainlink\u2019s Cross-Chain Interoperability Protocol has emerged as a leading infrastructure tool, enabling seamless communication between different blockchains.<\/p>\n

Chainlink also dominates the decentralized oracle space, securing over $43 billion in assets across DeFi protocols. Its closest competitor, Chronicle, secures $7.4 billion in total value.<\/p>\n

Whale selling has eased<\/h2>\n

Another positive signal for LINK is that whale selling has slowed in recent days. Whale-held supply stands at 566.67 million tokens, up from 565.9 million last week.<\/p>\n

If accumulation continues, it would mark the end of the selling trend seen since March, when whale holdings peaked at nearly 612 million coins. Renewed whale accumulation would serve as a strong bullish signal.<\/p>\n

In parallel, Chainlink network activity is increasing. The number of daily active addresses has risen, further supporting the bullish case.<\/p>\n

<\/source><\/p>\n<\/picture>
LINK whales, supply on exchanges, active addresses | Source: Santiment<\/a><\/figcaption><\/figure>\n

Chainlink price harmonic pattern<\/h2>\n
<\/source>
\n\"Chainlink\n<\/picture>
LINK price chart | Source: crypto.news<\/figcaption><\/figure>\n

Technically, LINK may be setting up for a major breakout based on a harmonic pattern forming on the weekly chart. The XABCD formation\u2014a widely followed bullish continuation pattern, appears to be in play.<\/p>\n

    \n
  • The XA<\/strong> leg unfolded between March 2024 and July 2023.<\/li>\n
  • The AB<\/strong> correction followed between July and November.<\/li>\n
  • The BC<\/strong> leg extended from November to April 2025.<\/li>\n<\/ul>\n

    If the pattern completes, the CD<\/strong> leg is now underway, potentially pushing LINK to its November high of $30.92, representing a 125% gain from current levels.<\/p>\n

    <\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

    Chainlink price sold off over the past few days, mirroring the performance of Bitcoin and other altcoins. Chainlink (LINK) dropped to $13.70 on Monday, its lowest point since May 8…<\/p>\n","protected":false},"author":1,"featured_media":387,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1752","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/1752","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/comments?post=1752"}],"version-history":[{"count":1,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/1752\/revisions"}],"predecessor-version":[{"id":1753,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/1752\/revisions\/1753"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media\/387"}],"wp:attachment":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media?parent=1752"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/categories?post=1752"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/tags?post=1752"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}