Million

<ul class="list-ic vertical">
 <li><span>1</span> <a>LINK token price has made a triple bottom formation and recaptured past gains.</a></li>
 <li><span>2</span> <a>Buyers are looking to stretch the pullback and eyeing the $20 mark.</a></li>
</ul>
<p>The <strong>ChainLink (LINK) token</strong> flipped from the trendline support mark of $13 and surged over 30% this week.&nbsp;</p>
<p>Meanwhile, the up move is fueled by <strong>Ether ETF</strong> news which led to the sudden bounce. Additionally, the token has ended the correction phase and displayed demand at the lows.</p>
<p>The<strong> LINK token price</strong> escaped the key moving averages and gave a surprising up move which trapped the sellers, and <strong>short covering activity </strong>was noted this week.</p>
<p>At press time, <a href="https://www.thecoinrepublic.com/2024/05/06/chainlink-price-bouncing-back-are-institutions-bullish-on-link-crypto/" target="_blank" rel="noopener noreferrer nofollow"><strong>LINK price</strong> </a>traded at $16.52 with an intraday drop of 1.89%, reflecting neutrality on the charts. It has a monthly return ratio of 8.25% and 151.20% yearly.</p>
<p>The pair of LINK/BTC is at 0.000236 BTC, and the market cap is $9.69 Billion. Analysts are neutral and suggest that the LINK price may stretch the pullback and might retest the $20 mark shortly.</p>
<h2 class="wp-block-heading" id="strong-can-chainlink-deliver-correction-ahead-strong"><strong>Can ChainLink Deliver Correction Ahead?</strong></h2>
<p>The <strong>ChainLink token price </strong>action displays the fumes of buying and still the key metrics looked in red and signifying the <strong>bears dominance</strong>.</p>
<p>Generally, a <strong>sharp reversal </strong>was seen, when the price shot up the key EMAs in a single go. Still, the sellers have grabbed their strength and might push the token price from the top again.</p> <iframe loading="lazy" title="Santiment Chart: Price (LINK), Volume (LINK)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=polkadot-new&amp;pt=DOT&amp;df=2023-11-22T18%3A29%3A59.853Z&amp;dt=2024-05-22T18%3A29%3A59.853Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bprice_usd%3Bchainlink%3BLINK%5D%3B%5B1%3Bvolume_usd%3Bchainlink%3BLINK%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe>
<p class="has-text-align-center">Source: Santiment</p>
<p>The daily charts of the <strong>ChainLink token </strong>signifies the base buildup activity near the $13 mark, meaning that the short term bottom was capped. Conversely, a break and close above the $20 mark would confirm the uptrend.</p>
<p>The RSI curve shot up to the overbought zone and saw a positive crossover on the charts.</p>
<h3 class="wp-block-heading" id="strong-futures-data-reveal-long-unwinding-data-strong"><strong>Futures Data Reveal Long Unwinding Data</strong></h3>
<p>The Derivative Data signifies the drop in the open interest and reveals the long unwinding activity.</p>
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="237" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-283-1024x237.png" alt="" class="wp-image-206527" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-283-1024x237.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-283-300x69.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-283-768x178.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-283-750x174.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-283-1140x264.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-283.png 1412w" sizes="(max-width: 1024px) 100vw, 1024px">
 </figure>
</div>
<p class="has-text-align-center">Source: CoinGlass</p>
<p>The open interest data noted a drop over 10.25% to $232.87 Million in the last 24 hrs, implying that the selloff might trigger soon.&nbsp;</p>
<p>Going forward, analysts on X explained that, before any sharp up move, a retracement to the trendline mark of $13 can be seen.</p>
<center>
 <blockquote class="twitter-tweet">
  <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24LINK&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$LINK</a> / <a href="https://twitter.com/search?q=%24USD&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$USD</a> – Update <br><br>$16.70 is the level to flip on the weekly for a safe entry, for now i have to wait <a href="https://t.co/mslm743Tcz" rel="noopener noreferrer nofollow">pic.twitter.com/mslm743Tcz</a></p>— Crypto Tony (@CryptoTony__) <a href="https://twitter.com/CryptoTony__/status/1793214971792294099?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 22, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</center>
<p class="has-text-align-center">Source: X</p>
<h3 class="wp-block-heading" id="strong-drop-in-volatility-and-weighted-sentiment-strong"><strong>Drop in Volatility and Weighted Sentiment</strong></h3>
<p>Amidst the price rally, the weighted sentiment dropped over 11.20% to -0.314 mark, revealing that investors are still not confident in holding their positions.</p> <iframe loading="lazy" title="Santiment Chart: Price Volatility 1d (LINK), Weighted sentiment (Total) (LINK)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=polkadot-new&amp;pt=DOT&amp;df=2023-11-22T18%3A29%3A59.853Z&amp;dt=2024-05-22T18%3A29%3A59.853Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bprice_volatility_1d%3Bchainlink%3BLINK%5D%3B%5B1%3Bsentiment_volume_consumed_total%3Bchainlink%3BLINK%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B" scrolling="no"></iframe>
<p>The price volatility remained low signifying low selling volume and displayed a drop in trading activity. The trading volume remained flat and displayed a drop of over 7.89% to $426.65 Million in the last 24 hrs.</p>
<h3 class="wp-block-heading" id="strong-development-activity-and-holders-data-outlook-strong"><strong>Development Activity and Holders Data Outlook</strong></h3>
<p>For weeks, the development activity data kept increasing and reached the top mark (448), signifying the consistent development growth which might have led to the bullish trend ahead.</p> <iframe loading="lazy" title="Santiment Chart: Development Activity (LINK), Total Amount Of Holders (LINK)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=polkadot-new&amp;pt=DOT&amp;df=2023-11-22T18%3A29%3A59.853Z&amp;dt=2024-05-22T18%3A29%3A59.853Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bdev_activity%3Bchainlink%3BLINK%5D%3B%5B1%3Bholders_distribution_total%3Bchainlink%3BLINK%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22transform%22%3A%7B%22type%22%3A%22moving_average%22%2C%22movingAverageBase%22%3A42%7D%2C%22interval%22%3A%221d%22%7D%3B" scrolling="no"></iframe>
<p class="has-text-align-center">Source: Santiment</p>
<p>Going forward, the total amount of holders’ data noted a consistent rise and displayed the holders of the token sitting calmly and looking for further growth ahead.</p>
<p>The immediate support levels for the <strong>ChainLink token </strong>is $14 and $12, whereas the key upside hurdle is around $18, followed by $20.</p>
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4>
<p>The <strong>ChainLink (LINK) token price </strong>overtook the multiple EMAs mark in a single go and displayed an intense bullish move this week. Meanwhile, the token still trades in a downtrend and buyers need to break the $20 mark to revert the gains ahead.</p>

ChainLink Soared Over 30% This Week: What’s Next Move For LINK?

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