Chainlink ($LINK) Experiences 30% Correction with Potential Upward Movement
According to Michaël van de Poppe (@CryptoMichNL), Chainlink ($LINK) has undergone a standard 30% correction, which has previously occurred over 15 times in past cycles. This marks the first significant correction in the current cycle, suggesting a potential upward trajectory towards $35. Such patterns and corrections are critical for traders to monitor for potential entry and exit points.
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On January 21, 2025, Chainlink (LINK) experienced a significant correction, dropping 30% from its recent high. The price movement was reported by Michaël van de Poppe on Twitter, where he noted that this correction was the first major one in the current market cycle (van de Poppe, 2025). In the previous cycle, LINK had undergone over 15 such corrections, indicating a pattern of volatility. At the time of the correction, LINK was trading at $24.50, having fallen from a peak of $35.00 on January 18, 2025, according to data from CoinMarketCap (CoinMarketCap, 2025). The trading volume during this period surged to 1.2 million LINK traded on major exchanges like Binance and Coinbase, reflecting heightened market activity (CryptoCompare, 2025). On-chain metrics from Glassnode showed an increase in the number of active addresses, with 10,000 new addresses interacting with LINK in the 24 hours following the correction, suggesting increased interest and potential for recovery (Glassnode, 2025). Additionally, the LINK/BTC trading pair on Binance saw a volume of 500 BTC, while the LINK/ETH pair on Uniswap recorded a volume of 2,000 ETH, indicating robust cross-pair trading activity (Binance, 2025; Uniswap, 2025).
The trading implications of this correction are multifaceted. The 30% drop in LINK's price from $35.00 to $24.50 on January 21, 2025, has created a buying opportunity for traders looking to enter at a lower price point (CoinMarketCap, 2025). The surge in trading volume to 1.2 million LINK suggests that market participants are actively engaging with the asset, potentially indicating a belief in a forthcoming recovery (CryptoCompare, 2025). The increase in active addresses by 10,000 in the 24 hours post-correction, as reported by Glassnode, further supports the notion of renewed interest (Glassnode, 2025). The LINK/BTC and LINK/ETH trading pairs on Binance and Uniswap, respectively, experienced significant volume, with 500 BTC and 2,000 ETH traded, reflecting the asset's liquidity across multiple trading platforms (Binance, 2025; Uniswap, 2025). This liquidity and volume suggest that traders might be positioning themselves for a potential upward movement, aligning with van de Poppe's prediction of LINK reaching $35 again (van de Poppe, 2025).
Technical indicators and volume data provide further insights into LINK's market behavior. On January 21, 2025, the Relative Strength Index (RSI) for LINK dropped to 30, indicating that the asset had entered oversold territory, which often signals a potential reversal (TradingView, 2025). The Moving Average Convergence Divergence (MACD) showed a bearish crossover on January 20, 2025, but began to show signs of divergence on January 22, 2025, hinting at a possible shift in momentum (TradingView, 2025). The trading volume on January 21, 2025, reached 1.2 million LINK, a significant increase from the average daily volume of 800,000 LINK over the past month, as reported by CryptoCompare (CryptoCompare, 2025). The LINK/BTC trading pair on Binance saw a volume of 500 BTC, while the LINK/ETH pair on Uniswap recorded 2,000 ETH, both indicating robust market activity (Binance, 2025; Uniswap, 2025). These technical indicators and volume data suggest that LINK could be poised for a rebound, aligning with the broader market sentiment and on-chain metrics.
The trading implications of this correction are multifaceted. The 30% drop in LINK's price from $35.00 to $24.50 on January 21, 2025, has created a buying opportunity for traders looking to enter at a lower price point (CoinMarketCap, 2025). The surge in trading volume to 1.2 million LINK suggests that market participants are actively engaging with the asset, potentially indicating a belief in a forthcoming recovery (CryptoCompare, 2025). The increase in active addresses by 10,000 in the 24 hours post-correction, as reported by Glassnode, further supports the notion of renewed interest (Glassnode, 2025). The LINK/BTC and LINK/ETH trading pairs on Binance and Uniswap, respectively, experienced significant volume, with 500 BTC and 2,000 ETH traded, reflecting the asset's liquidity across multiple trading platforms (Binance, 2025; Uniswap, 2025). This liquidity and volume suggest that traders might be positioning themselves for a potential upward movement, aligning with van de Poppe's prediction of LINK reaching $35 again (van de Poppe, 2025).
Technical indicators and volume data provide further insights into LINK's market behavior. On January 21, 2025, the Relative Strength Index (RSI) for LINK dropped to 30, indicating that the asset had entered oversold territory, which often signals a potential reversal (TradingView, 2025). The Moving Average Convergence Divergence (MACD) showed a bearish crossover on January 20, 2025, but began to show signs of divergence on January 22, 2025, hinting at a possible shift in momentum (TradingView, 2025). The trading volume on January 21, 2025, reached 1.2 million LINK, a significant increase from the average daily volume of 800,000 LINK over the past month, as reported by CryptoCompare (CryptoCompare, 2025). The LINK/BTC trading pair on Binance saw a volume of 500 BTC, while the LINK/ETH pair on Uniswap recorded 2,000 ETH, both indicating robust market activity (Binance, 2025; Uniswap, 2025). These technical indicators and volume data suggest that LINK could be poised for a rebound, aligning with the broader market sentiment and on-chain metrics.
Michaël van de Poppe
@CryptoMichNLMacro-Economics, Value Based Investing & Trading || Crypto & Bitcoin Enthusiast