Chainlink’s Descent: Will It Plunge to $8 or Rise Like a Phoenix?

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Ah, dear reader, let us ponder the fate of Chainlink (LINK), a digital entity that now finds itself teetering on the precipice of financial despair. The specter of a significant price drop looms ominously, as if it were a dark cloud hanging over a hapless soul. Our astute crypto analyst, Ali, has ventured to suggest that LINK may cling to a fragile support level at the lower boundary of its current trading channel, a meager $12.30. Yet, should this bastion of hope crumble, we might witness a descent into the abyss, a staggering plunge to $8—a veritable 41% drop from its current state. How delightful! 😅

“LINK could find support at the lower boundary of this channel around $12.30. A break below this level, however, could open the door for a drop to $8,” Ali mused, as if he were a prophet foretelling doom.

#Chainlink $LINK could find support at the lower boundary of this channel around $12.30. A break below this level, however, could open the door for a drop to $8.

— Ali (@ali_charts) May 31, 2025

Meanwhile, the broader crypto market, in a fit of existential crisis, is extending its sell-off during this early Saturday session. A staggering $700 million in liquidations has swept through traders like a tempest, leaving them gasping for breath. LINK, poor soul, has been ensnared in this maelstrom, falling from its recent highs, all the while exhibiting signs of a slowing momentum—much like a weary traveler on a long, arduous journey.

Since May 27, Chainlink has been on a steady decline, as if it were a character in a tragic novel. Attempts to rebound were met with resistance at $16.19 on May 29, and the declines have continued unabated. As I pen these words, LINK finds itself down 5.2% in the last 24 hours, languishing at $13.71, a mere shadow of its former self, down 13.34% overall. How tragic! 😢

This dismal drop has cast Chainlink below its daily moving average of 50, which now stands at $14.79, reaching lows of $13.4 in this early Saturday session—a level not witnessed since the fateful day of May 7.

Chainlink Updates

In a moment of bittersweet irony, Chainlink recently celebrated six years since its launch on the mainnet. In the latest twist of fate, Coinbase has decided to employ Chainlink’s proof of reserve to enhance the transparency of a staggering $4.6 billion worth of cbBTC reserves. How noble! 🧐

Furthermore, the CCIP v1.6 upgrade has graced the mainnet in May, introducing support for non-EVM blockchains, commencing with the Solana mainnet. This upgrade, akin to a breath of fresh air, enables CCIP to rapidly expand its chain coverage, catering to the insatiable demand for cross-chain interoperability. Currently, CCIP supports over 57 blockchains on the mainnet and has integrated 26 networks this year. A veritable feast of connectivity! 🍽️

Earlier in May, JP Morgan, in a moment of audacity, completed its first transaction on a public blockchain involving tokenized U.S. Treasuries on Ondo Finance, utilizing Chainlink to bridge the chasm between private and public networks. How delightfully ironic! 😏

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2025-05-31 15:03