Chainlink (LINK) has entered a fresh breakout phase as both spot price and derivatives activity accelerate. LINK is trading near $13.96 after briefly moving just above $14, its highest level on the displayed chart, while open interest has jumped approximately 25% in the last 24 hours.
Derivatives data shows open interest had already recovered to roughly $650.7 million on September 24, compared with $350–$450 million during much of the spring and early summer. The additional daily increase suggests traders are opening new positions rather than trimming exposure. The move follows an August breakout above the 200-day moving average around $9.50 and clears the previous September high near $13.70, removing the most visible local resistance.
Momentum indicators remain supportive: the RSI is still below highly overbought territory, and shorter moving averages have shifted into a more favorable alignment, with the 200-day average still near $10.30. The first major price target is $14.50, followed by the psychological $15 level. However, the rapid rise in open interest also adds liquidation risk. Key support sits between $13 and $13.20, with $12–$12.20 as the next critical zone if a reversal occurs.
