Chainlink (LINK) Price Has Cooled Down from Last Week's Bullish Sentiment

After recording an over 25 percent rally last week, LINK price dropped over 3 percent to trade about $17.04 on Wednesday, May 14

Chain Link (LINK) price has come down somewhat from last week's bullish mood. After notching up an over 25 percent rally last week, LINK price dropped over 3 percent to trade at about $17.04 on Wednesday, May 14, during the mid-North American trading session.

As a result of the sudden market correction, the large-cap altcoin, with a fully diluted valuation of about $17 billion and a 24-hour average traded volume of about $627 million, recorded a forced liquidation of over $1.4 million, according to market data.

Chainlink Network Thrives with Institutional Investors

The Chainlink network has been expanding rapidly in recent times, driven by institutional investors. Notably, LINK's Futures Open Interest (OI) surged from $424 million on April 9, 2025 to more than $727 million at the time of this writing.

Among the most recent notable Chainlink adoption by institutional investors was by Kinexys by J.P.Morgan, which performed a successful transaction in collaboration with Ondo Finance.

"The demonstrated cross-chain solution is a testament to what can be achieved through strong collaboration across diverse segments of the Web3 ecosystem, and we are pleased to have worked with Ondo and Chainlink to bring this to life as the first transaction on Ondo Chain testnet," Nelli Zaltsman, Head of Platform Settlement Solutions at J.P. Morgan’s Kinexys Digital Payments, noted.

What Next for LINK Price?

According to market data analysis from Intotheblock, LINK price recorded a correlation of 0.93 out of 1 with Bitcoin price, in the past 30 days. With Bitcoin price on the cusp of entering price discovery in the near term, LINK price is well positioned to retest its all-time high above $50 in the near term.

In the four-hour time frame, LINK price has established a symmetrical rising channel, and is currently retesting the upper border. In case LINK price consistently closes above the upper border of the rising channel, a rally towards the next liquidity range between $19 and $26 will be inevitable.