Chainlink (LINK) has been consolidating around the $9 mark in recent days, with intraday highs reaching $9.08 and lows near $8.95. The price range has lifted from the earlier rebound that started just below $8.60, but the $9.10–$9.20 resistance zone remains unbroken. Open interest in Chainlink futures has declined from earlier peaks above $200 million to roughly $190 million, after briefly dipping to $185 million during the recent correction.
Futures Open Interest Drops to $190M
Open interest, a key gauge of speculative activity in derivatives markets, has fallen from over $200 million to just above $190 million. This reflects reduced volatility and cautious deleveraging by some traders. Nonetheless, the recovery from the $185 million low suggests a measured return of interest from market participants.
Key Support and Resistance Levels
Over the past 24 hours, Chainlink traded within a tight band of $8.83–$9.14, repeatedly testing the upper boundary. The token posted a 2.62% gain in the last 24 hours, hovering near $9.06. Circulating supply stands above 708 million tokens, with total market capitalization nearing $6.4 billion. The 24-hour trading volume of roughly $357.5 million indicates ongoing engagement from active traders. Despite the recent uptick, LINK remains more than 82% below its all-time high of $52.70 from May 2021.
Technical Indicators Point to Tightening Range
From a technical perspective, the token opened near $8.86, surged to $9.16, then pulled back to $8.85 before closing around $8.99. This pattern suggests waning interest in chasing lower prices, with buyers attempting to regain control. The 20-day simple moving average at $8.81 provides short-term support. The upper Bollinger band sits at $9.39, acting as a likely resistance, while the lower band is at $8.23. The Chaikin Money Flow oscillator reads 0.02, indicating balanced capital flows. Overall, price is compressed between $8.80 and $9.40, a setup that often precedes a decisive move.