The price movement is not too high; however, the short-term movement is declining. Market action indicates reservations because the buyers are evaluating the forthcoming direction towards the $10 mark.
Aggregated open interest has been around $169.76M after a drastic fall in the beginning of the week. The measure then had a downward movement of $167M–$168M as the volatility rose. This pullback followed the high of positioning near $187M on the 21st.
The concomitant decline in the price and open interest points indicates the long liquidations. Probably leveraged positions were named closed when the market fell. The recent stabilization at around $170M, however, indicates that not all the participants have left. Nonetheless, overall exposure is still less than those in the past, indicating reserved belief.
On the 1-hour Open Interest chart, LINK/USDT remains in a short-term downward trend. The two developed low highs as they were rejected around the area of $9. That deterioration increased at the end of the 23rd, and the price dropped into the $8.10 to $8.20 zone. The newer candles are smaller in size, and the volatility is reduced.
This compression means equality between the sellers and the buyers. It will take a long-term effort over the level of $8.50-$8.60 and a widening open interest with a stronger argument for the broader rally. Up to that point, derivatives data indicates conservative positioning.
On one hand, Chainlink is trading at $8.32, and this represents a 3.19% fall in the last 24 hours. The variety is between $8.19 and $8.60. The market capitalization measures around $5.90 billion, with a 24-hour trading volume approximated to be $395.92 million.
According to the BraveNewCoin data chart, the supply in circulation is quoted to be at 708.10 million LINK. The maximum price of the asset was reached on May 10, 2021, and it was $52.70.
The present amount is lower than that peak by more than 84%. Chainlink is the 23rd-best digital currency by market.
Volume grew over the last recession, but it has since subsided. This is consistent with the narrowing open interest that was found previously. Buyers are still there, but there is low involvement. Price is trading within a thin band, and action indicates consolidation.
The fluctuations in the short term can be kept under control, and no steep rise in demand is evident. To have an even bigger wave to get into the $10, the individual volumes and derivative exposures would have to move together.
At press time, LINK was trading at around $8.18, having recorded a reduction of merely more than 1% per day. The overall daily pattern has remained with falling highs and falling lows ever since the end of 2025. The recovery efforts have not been able to surpass previous areas of resistance.
The TradingView chart shows a decrease in pressure in the downward direction. The MACD histogram has become mildly positive, and it has small green bars. The MACD and signal lines are, however, below zero, thus leaving the bigger trend weak.
Chaikin Money Flow is moving around the zero line. This shows equal inflows and outflows. The indicator had momentarily plunged into the negative in the earlier part of the month but has pulled back.
The daily volume is average as compared to the peak in the sharp February decline. In the absence of higher buying activity, upside moves can be held at the limit. A longer pause above the level of $9 would enhance the short-term structure, whereas a shift towards the $10 level would demand greater impetus on the spot and the derivative markets.
Also read: 4 Bitcoin sell signals since 2024: Is BTC history repeating?
