Chainlink is in a consolidation phase after weeks of volatility, holding above a crucial support level of $10. This has attracted analysts and investors who anticipate higher prices soon.
Data from Santiment reveals rising open interest, indicating sustained demand for Chainlink. As more traders build positions, this suggests a potential price rally on the horizon. The stabilization around $10 has sparked confidence among analysts for a breakout.
Top traders and investors are confident of a rise in LINK in the coming weeks. A significant indicator is the rising Open Interest (OI), which monitors the number of active contracts tied to a cryptocurrency. An increase in OI signals growing market engagement and liquidity, suggesting that the current uptrend may persist.
Chainlink is trading at $10.40 after testing local resistance at $10.83. For bulls to maintain momentum, LINK must clear the 4-hour 200 moving average (MA) at $10.71 and target the next resistance at $12.70. Breaking this would signal a reversal and a potential uptrend.
If LINK fails to break past the 4-hour 200 MA, it could face a pullback to lower demand levels around $9.30. The coming days will be crucial for LINK’s price trajectory as the market battle intensifies.
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