Chainlink (LINK) showed signs of short-term revival on May 30, trading at $9.19, a 1.34% gain over 24 hours, with an intraday range of $8.93–$9.29. The token's market cap stood around $6.69 billion, supported by $286.14 million in daily volume and a circulating supply of 727.10 million LINK. Despite the bounce, LINK remains down 82.55% from its all-time high of $52.70 set on May 10, 2021, reflecting an incomplete broader recovery.
Analyst "Crypto With Gopal" highlighted a developing double bottom pattern on the weekly chart, a structure that often signals fading selling pressure. The pattern shows two distinct lows near a common support zone, indicating that buyers are consistently stepping in. For confirmation, LINK must break above the neckline—a swing high far above current levels. While the setup remains in formation, repeated holds of the support area may point to accumulation.
On the 30-minute chart, LINK/USDT hovered near $9.209, just above the middle Bollinger Band ($9.169), with the upper band at $9.226 and the lower at $9.112. This narrow range followed a sharp dip below $8.90 on May 28. The MACD indicator showed mild positive momentum (MACD line 0.024 vs. signal 0.021, histogram 0.003), suggesting weak but improving short-term dynamics. A move above $9.29 would strengthen the recovery case, while a breakdown below $8.93 could jeopardize the double bottom structure.
