Chainlink (LINK) price has experienced a notable upward trend over the past 24 hours, fueled by positive social sentiment and confidence boosts from prominent figures like Grayscale. The cryptocurrency’s recent price slump, which saw it drop to $11.60 on Friday, marked a significant dip from its peak in 2025. However, this latest decline has brought LINK back into focus for investors as it tested its long-term support line. This has led to renewed bullish expectations, particularly due to the network’s resilience and continued growth. Grayscale, an investment firm, recently emphasized Chainlink’s critical role in decentralized economies, highlighting the protocol’s unique status as an oracle services provider. Grayscale’s affirmation of Chainlink further bolstered investor confidence. Additionally, LINK has been gaining traction within the crypto community as investors seek undervalued cryptocurrencies. The ongoing positive momentum and recent market developments suggest that LINK could be poised for a sustained recovery. However, the current bullish sentiment needs to be confirmed by sustained demand from large holders. Despite showing signs of strength, Chainlink’s spot flows remain weak, indicating cautious investor behavior and a lack of strong buying pressure. Open interest on derivatives contracts also remains subdued. The lackluster market conditions might hinder a swift surge in LINK price. Analysts are closely watching the coming days to gauge whether this recent surge will lead to sustained growth or if it merely represents a temporary bounce.