While LINK is trying to recover from its latest correction, Chainlink is seeing another significant increase in trading activity. The $12 resistance level is back in the spotlight, as futures data show that trading volume on a number of major platforms has risen by between 40% and 60% over the past day.
LINK won’t back down
After weeks of volatility, LINK is currently trading at around $11.40. Before the sellers stepped in, the coin rose by about 70%, climbing from roughly $8.00 in early August to a peak that surpassed $13.50 in September. The subsequent pullback pushed LINK back toward the $11 level, but most importantly, the broader breakout has not been negated yet.
Trading activity is now picking up:
- The notional value of LINK/USDT perpetual futures on Binance was about $113 million, up by roughly 53% over the past day.
- OKX and Bybit both saw increases of about 44% and 52%, respectively.
- Relatively higher jumps were recorded on some smaller platforms.
Warning: high volume doesn’t always mean bullish pressure
For long stretches during the day, futures flows remained negative:
- Over the past 4 hours, LINK recorded net outflows of about $1.84 million.
- Over 12 hours, these outflows totaled about $3.86 million.
- As before, spot market flows were negative during the 1-hour, 4-hour, 8-hour, and 12-hour windows.
Positioning
- The ratio of top-trader positions exceeds 2.2.
- The long-to-short positions ratio on Binance is around 1.46.
This means traders still strongly favor long positions (buying). If demand continues, it could support an upside breakout, but if LINK loses the support level, excessive long positions increase the risk of liquidation.
Technically: the structure is still bullish
- After the August breach, LINK is still trading above its main moving averages, with a rapid rise in short-term averages.
- The Relative Strength Index (RSI) cools toward the mid-50s after previously being in the overbought zone, giving the market more room for a new move.
The first obstacle: $12
Buyers had difficulty holding this level as support despite repeated tests. If strong trading volume persists and a daily candle closes above $12, then the $12.50 level, and ultimately the September peak at $13.50, could come back into focus.
Summary
Although LINK is seeing more liquidity and greater attention thanks to a 65% expansion in trading volume, buyers still need to translate this activity into actual spot demand to confirm the uptrend’s continuation.