Chainlink’s Bullish Surge: Could $30.92 Be Just the Start?

Chainlink Price Dip: Three Reasons for Potential Rebound

Chainlink’s price has taken a hit recently, falling to $13.70. This drop mirrors the trend seen in Bitcoin and other altcoins.However, there are signs that Chainlink (LINK) could bounce back this month.

One reason is the decrease in LINK supply on centralized exchanges. Investors are moving tokens to self-custody wallets. Santiment data shows that LINK tokens on exchanges have dropped from 226 million in November 2023 to 192 million now. This shift suggests growing confidence in Chainlink’s future.

Chainlink’s strong partnerships also boost its prospects. Companies like JPMorgan, ANZ Bank, and Coinbase are exploring how to use Chainlink’s technology. Its Cross-Chain Interoperability Protocol is a key tool,enabling different blockchains to communicate seamlessly.

Whale selling has also slowed down. Whale-held supply is now at 566.67 million tokens, up slightly from last week. If this accumulation continues, it could signal the end of the selling trend since March.

Chainlink’s network activity is on the rise too. The number of daily active addresses has increased, supporting a bullish outlook.

Technically, LINK may be setting up for a major breakout. A harmonic pattern on the weekly chart suggests a potential push to $30.92, a 125% gain from current levels.