What to Know
- Chainlink (LINK) broke above its September high near $13.70 as open interest climbed roughly 25%, signaling greater derivatives market participation.
- Rising volume and higher moving averages support LINK’s advance, while resistance near $14.50 and $15 could test further gains.
- Greater leverage raises liquidation risks if LINK reverses, with support between $13 and $13.20, followed by $12 to $12.20.
Chainlink (LINK) has broken above its September high near $13.70, while a 25% jump in open interest signals heavier derivatives trading. LINK briefly crossed $14 before trading around $13.96 in the supplied figures.
According to CoinGlass, LINK open interest had recovered to roughly $650.7 million by September 24, up from the $350 million to $450 million range seen during much of spring and early summer, before the token cleared its earlier high. A further daily increase of about 25% indicates that traders opened positions as LINK advanced.
Open interest measures outstanding derivatives contracts, but it does not show whether long or short positions account for the increase. Consequently, the rise confirms greater market participation without establishing that traders collectively expect further gains.
LINK’s price has followed a broader upward pattern since its August breakout above the 200-day moving average near $9.50. It then formed a series of higher highs and higher lows before moving past September’s previous peak.
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LINK’s Breakout Faces a Test as Derivatives Exposure Grows
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Trading volume increased during the advance, while LINK moved above the major averages shown on the supplied chart. Its shortest moving average sits near $12, and intermediate averages range from approximately $11 to $11.30. Meanwhile, the 200-day average remains near $10.30, well below the current price.
The relative strength index points to stronger momentum, although it remains below the levels reached during some earlier LINK rallies. That leaves room for further gains if demand persists, but the indicator cannot establish whether the breakout will hold.
LINK faces its next notable resistance near $14.50, followed by the psychological $15 level. However, greater open interest can also amplify a decline when leveraged traders must close positions during a reversal.
Source: Coinglass
The nearest support area lies between $13 and $13.20, making it an important test if LINK slips below its former September high. A deeper pullback would bring the $12 to $12.20 range into view, close to the shortest moving average.
LINK’s move above $13.70 has strengthened its price structure, while rising open interest shows that more derivatives positions accompany the advance. Its ability to hold the breakout level will help determine whether that added exposure supports the rally or increases volatility.
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