- On-chain data analysis shows the overall demand for Chainlink by whale investors has gradually increased in the last week.
- LINK price has depicted a high correlation with BTC price in the past 30 days, amid rising bullish sentiment.
Chainlink (LINK) price has been battling short-term bearish sentiment after recording an impressive bullish breakout in April 2025. The mid-cap altcoin, with a fully diluted valuation of about $13.4 billion and a 24-hour average trading volume of about $261 million, had dropped around 9 percent in the last seven days to trade at $13.43 on Tuesday, May 6, during the late North American trading session.
However, the gradual rebound of LINK’s Futures Open Interest (OI) to about $583 million at the time of this writing, signals the rerun of robust bullish sentiment.
Robust Fundamentals for Chainlink Network
The Chainlink Network has grown significantly in the past year bolstered by the mainstream adoption by institutional investors. As Coinpedia reported, the Chainlink network reports more than a dozen DeFi integrations to its products. Moreover, the Chainlink ecosystem offers reliable on-chain oracle data to enable scalable development of web3 protocols.
For instance, AAVE’s GHO has grown by over 530 percent since adopting Chainlink’s cross-chain token standard to over $210 million.
Meanwhile, on-chain data analysis from IntoTheblock shows that the Chainlink network recorded a $348.15 billion surge in large transaction volume during the past 30 days.
Midterm Expectations for LINK Price
In the four-hour timeframe, Chainlink’s price has been forming a bullish continuation pattern, characterized by a falling wedge in a rising market. At the time of this writing, LINK price had not confirmed a bullish breakout from the rising wedge, but the mounting pressure signals an imminent breakout.
Furthermore, LINK price has recorded a 0.9 out of 1 price correlation with Bitcoin in the past 30 days. As a result, a consistent close above $14 in the coming days will propel a rally toward the next target of around $19 in the coming weeks.
