TLDR
- Chainlink rebounded from $12.50 support level as buy-side demand and long positions surge across derivatives markets
- Trading volume jumped 40.49% to $1.18 billion while Open Interest climbed 11.60% to $738.51 million
- 68.32% of traders hold long positions with Long/Short Ratio at 2.16, showing strong bullish sentiment
- Active addresses increased 6.42% but new addresses declined 2%, presenting mixed on-chain signals
- Large transactions ($1M-$10M) spiked 81.82% while mid-range transactions declined significantly
Chainlink has bounced back from its lower channel boundary as traders pile into long positions. The cryptocurrency trades around $14.28 after holding above the critical $12.50 support level.
The rebound aligns with a long-term ascending structure that began in mid-2023. Market data shows LINK gained nearly 3% in the last 24 hours and close to 4% over the past week.
Trading activity has surged across derivatives markets. Volume jumped 40.49% to reach $1.18 billion while Open Interest climbed 11.60% to $738.51 million.
Binance data reveals that 68.32% of traders currently hold long positions. The Long/Short Ratio stands at 2.16, reflecting growing confidence among leveraged participants.
Spot market dynamics also favor buyers. The Spot Taker CVD over the past 90 days shows dominant buy-side presence, with aggressive buyers stepping in during consolidation phases.
Network Activity Shows Mixed Signals
On-chain metrics present a complex picture. Active addresses increased by 6.42%, suggesting growing network engagement.
However, new addresses declined by 2%. Zero-Balance Addresses surged 11.68%, which could indicate wallet repositioning or renewed fund movement.
Transaction patterns reveal an interesting disparity. Large-scale transfers between $1 million and $10 million spiked by 81.82%.
Mid-range transactions tell a different story. The $1,000-$10,000 bracket dropped 13.09% while $10,000-$100,000 volumes declined 23.64%.
This pattern suggests whales are reengaging while mid-tier investors remain cautious. The broader market lacks full-spectrum participation despite high-value transaction increases.
Technical Analysis Points to $18 Resistance
Crypto analyst Ali highlighted the importance of the $12.50 support level. According to his analysis, sustaining above this level could trigger a rally toward $18.
The target sits at the mid-channel resistance of a multi-month ascending pattern. Previous attempts to break higher earlier in the year met selling pressure around the $16-$18 range.
Chainlink currently boasts a market capitalization of $9.68 billion. The 24-hour trading volume exceeds $500 million, indicating renewed interest from both retail and institutional participants.
The token’s positioning as a leading data infrastructure provider for real-world assets and decentralized finance has attracted increased attention. This fundamental backdrop supports the technical setup for potential upside movement.
The post Chainlink (LINK) Price: Trading Volume Surges 40% as Token Rebounds from $12.50 Support appeared first on Blockonomi.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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