Chainlink ($LINK) is struggling to stay relevant, barely holding its spot as the 13th-largest cryptocurrency after gaining just 4% this month. Meanwhile, competitors like Sui and Hyperliquid have exploded in recent weeks.
Once a top oracle network, Chainlink now trades below $11, raising concerns about its future. Will it recover or fade into obscurity?
Even with a $10.3 billion market cap and growing developer activity, $LINK’s sluggish price performance threatens its position in the crypto market.
Chainlink Expands to Solana and DeFi Chains Despite Slow Price Growth
Despite the price stagnation, the development team behind Chainlink appears unfazed. Their focus remains firmly on enhancing the project’s core offering: its decentralized oracle network.
A key component of this is the Cross-Chain Interoperability Protocol (CCIP), which facilitates secure data sharing across different blockchain networks.
On May 19, Chainlink’s CCIP officially launched on the Solana mainnet, a major milestone that is expected to bolster Solana’s DeFi ecosystem by allowing access to over $18 billion in assets across chains.
Chainlink recently shared an adoption update that detailed 16 new integrations of its standards across six services and 16 blockchains, including Arbitrum, Avalanche, Base, BNB Chain, Ethereum, Polygon, Solana, and ZKsync.
In another development, Web3 gaming giant MapleStory Universe integrated Chainlink VRF (Verifiable Random Function) into its AVAX-based Layer-1 infrastructure.
Chainlink Secures $66B as Bulls Eye ‘Swift and Violent’ $LINK Repricing
According to a recent report by Santiment, Chainlink recorded over 530 GitHub updates in the past month alone.
This sustained activity has further cemented Chainlink’s dominance in the oracle sector of DeFi, where it currently secures more than 68% of the total oracle TVL, with $66 billion in Total Value Secured (TVS).
These milestones have inspired renewed optimism among loyal Chainlink supporters.
One prominent $LINK enthusiast even claimed that investors might soon be “tired of winning,” predicting that “the repricing of $LINK will be swift and violent.”
A crypto investor and chart analyst also expressed confidence that $LINK’s current downtrend channel is nearing a breakout, supporting this sentiment.
He added that the recent price recovery will likely push $LINK smoothly to the $36.5 level, with a sell wall.
Chart Outlook: $LINK Faces Resistance at $20, Eyes $36.5 Breakout
At press time, the $LINK/$USDT chart suggests the market is attempting a gradual recovery. The token is currently trading at around $15.67.
In April, a period of price consolidation, marked as a “cluster” on the chart, triggered a 15% breakout, supported by increased trading volume that indicated a resurgence of buying interest.
Technically, the first resistance lies at $20, a psychologically important level previously acting as a zone where sellers regained control. A break above this could push $LINK’s price toward the next resistance range between $25.62 and $26.56.
Beyond that, the mid-term price target is between $28.67 and $30.07, coinciding with highs observed in late 2024.
The MACD (Moving Average Convergence Divergence) indicator shows the MACD line currently trending below the trigger line, typically a bearish indicator.
However, the histogram is relatively neutral, implying that selling momentum may weaken. If the trend reverses, a bullish crossover could soon follow.
The post Chainlink’s $66B Bombshell: Analysts Warn $LINK Could Explode 133% to $36.5 appeared first on Cryptonews.
