Will Chainlink’s Price Soar or Just Trip Over Its Own Shadow?

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Ah, the Chainlink price-once triumphant and proud-has just taken a rather undignified tumble over the past fortnight, slipping into a bear market as if it had forgotten its lines on stage. A 20% decline from this year’s zenith, and suddenly everyone’s clutching their hats and whispering about doom and gloom.

But fear not, dear reader, for there are whispers in the wind-five reasons why this token might just dust itself off and make a grand, bullish entrance once more. Or not. One never knows with these things.

  • The Chainlink price has whimsically shaped a cup-and-handle pattern. How quaint.
  • LINK reserves, like a slow-cooking stew, are quietly simmering and growing.
  • Rumors swirl that the SEC might approve the Bitwise LINK ETF. Miracles do happen, it seems.

The Curious Case of the Cup-and-Handle

Chainlink (LINK) shows us its technical acrobatics by lingering above the 50-day exponential moving average-as if standing on one leg, refusing to fall. This stubbornness suggests the bullish spirit might still linger, even after that graceless stumble.

LINK has found support like a drunkard clutching a lamppost at the Murrey Math Lines pivot, a favoured haunt for cryptos trying to rally after a good whack. It also hovers just above the Ichimoku cloud-because every tragedy needs its ominous backdrop.

Most intriguingly, this retreat is but an act in the formation of the famous cup-and-handle pattern, with a lofty upper rim at $27.17 and a lower drain at $10.15. Measuring these telltale marks suggests a hopeful target of $44-a promising 100% leap into tomorrow’s sunshine. But beware: should it slip below the $18 pivot, the hopes are dashed and dreams go up in smoke.

Chainlink price chart

LINK Reserves, Partnerships, Exchanges, and That Ever-Elusive ETF

Beyond charts and numbers lies the saga of reserve tokens and partnerships, the less thrilling but necessary side of the tale. Nansen reports a steady decline in LINK tokens sitting on exchanges-270 million now, down from 277 million last month-suggesting investors might prefer to clutch their tokens rather than flee.

Meanwhile, LINK’s own reserves are quietly swelling-237,014 tokens worth a cool $5.3 million have taken up residence since August, when this curious experiment began of reallocating fees from both onchain and offchain sources. One can only hope this effort isn’t just rearranging deck chairs on the Titanic.

The plot thickens with partnerships worthy of a marketplace gossip: the U.S. Department of Commerce has joined the dance, bringing onchain macroeconomic data from the Bureau of Economic Analysis. Then there’s Swift, JPMorgan, and the glitzy new alliance with Aave via Horizon’s platform. With such heavyweights, how could the price not dream of leaping higher?

And finally, the pièce de résistance: the hope that the U.S. Securities and Exchange Commission might nod approvingly at the Bitwise LINK ETF. If approved, expect fireworks. Or perhaps just a polite clap from the back row. Time will tell. 🤡

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2025-09-06 20:04