The confidence among Chainlink holders is likely because many of them expect that the Securities and Exchange Commission will approve a spot LINK ETF later this year. Such a fund would lead to more inflows and boost its price.

Chainlink price may also rebound because of its positioning in the crypto industry, where it is the biggest oracle network. It has a total value secured or TVS figure of $35 billion, making it much higher than other oracles like Chronicle, Pyth, and RedStone.
Chainlink is also a big player in the Real World Asset tokenization industry through its cross-chain interoperability protocol. CCIP is a key component in the industry that provides solutions to build, scale, connect, and send assets across various blockchains.
📉Technical analysis: Chainlink price analysis
Chainlink price may bounce back because of its strong technicals. The weekly chart shows that LINK has remained slightly above the 100-week Exponential Moving Averages even after crashing by 43% from its highest point in November.
LINK has also formed a giant megaphone chart pattern, which is characterized by two diverging trendlines. In most periods, this pattern leads to a strong bullish breakout.
In LINK’s case, the initial target of a rebound will be the November high of $30 followed by the 61.8% retracement point of $35. A drop below the lower side of the megaphone will invalidate the bullish LINK outlook.
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