Chainlink (LINK) is trading at $16.59, approaching a decisive resistance zone between $17.39 and $17.50 that has historically capped bullish rallies. The token has formed a clear upward trajectory since early July, bouncing from $15.20 support and establishing higher lows. Spot market dominance shows aggressive buyers outpacing sellers, with Taker Buy Volume maintaining bullish control over a 90-day period. Daily trading volume exceeding $659 million confirms robust participation.
Derivatives activity reveals mixed signals: Open Interest surged 8.47% to $843.05 million in 24 hours, reflecting growing speculative appetite, while funding rates flipped positive after weeks in negative territory. However, liquidation clusters near $17 on Binance indicate potential volatility if resistance holds. On-chain metrics suggest caution—the MVRV ratio at 37.87% places most holders in profit territory, historically triggering sell-offs, while repeated NVT ratio spikes signal a disconnect between price and network utility.
Analyst Bull Bear Spot notes a bullish divergence with M2 global liquidity trends, suggesting LINK remains undervalued despite recent gains. Critical support lies between $13.50 and $11.60, where accumulation patterns have previously stabilized pullbacks.