Chainlink (LINK) Volume Up 65%, But Spot Buying 'Missing'...Struggling Before Breaking $12

▲ Chainlink (LINK)

Chainlink (Chainlink, LINK) trading volume surged by 65% in 24 hours, but spot buying is crucial for breaking the $12 mark.

According to U.Today, a cryptocurrency specialized media outlet, on September 14 (local time), Chainlink futures trading volume significantly increased on major exchanges. Binance's LINK/USDT futures trading volume increased by approximately 53% in one day to about $113 million. OKX saw an increase of about 44%, and Bybit saw an increase of about 52%. Some smaller exchanges also showed higher growth rates.

Chainlink surged by about 70% from approximately $8 in early August to a high exceeding $13.5 in September, then underwent a correction. However, the increase in trading volume did not immediately indicate strong buying pressure. Futures net outflow was approximately $1.84 million over a 4-hour period and $3.86 million over a 12-hour period. Spot fund flows were also negative across 1-hour, 4-hour, 8-hour, and 12-hour periods.

In the futures market, a buying bias continues. The top traders' position ratio exceeded 2.2, and Binance's account long/short ratio was approximately 1.46. The media analyzed that continued buying demand could support an upward breakout, but if support levels break, excessive long positions could increase liquidation risks.

The technical trend still maintains an upward structure. Chainlink has remained above its major moving averages since its August breakout, and short-term moving averages are also rising rapidly. The Relative Strength Index, which had reached overbought territory, has fallen to the mid-50s, creating more room for further movement.

The first hurdle is $12. Chainlink has tested $12 multiple times but has failed to solidify it as a support level. If trading volume is maintained and the daily candle closes above $12, then $12.5 and the September high of $13.5 could re-emerge as key price levels. U.Today pointed out that while market interest and liquidity have increased due to the 65% rise in trading volume, whether this translates into actual spot demand is crucial.

[Article Key Summary]

-Chainlink's trading volume increased by 65% in 24 hours, and futures trading volume on major exchanges also recorded growth rates in the 40-50% range.

-Both futures and spot fund flows still show net outflows, making it difficult to conclude that the increase in trading volume led to strong buying pressure.

-If $12 is breached on a daily closing basis, $12.5 and $13.5 are mentioned as the next key price levels.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*