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Following
LINK 
XRP Chainlink remains above key support and traders are waiting for confirmation signals to make judgments before launching a stronger move towards nearby resistance levels. Despite the slowdown in clearing activity, derivatives trading remained active, indicating that market participants were engaging cautiously rather than aggressively leveraged positions. The technical structure supports patience to some extent, as buyers are looking for the bottom and sellers stick to short-term resistance areas. Chainlink's prospects are cautiously balanced under the combined effect of technical indicators and derivative positions. Market participants continue to focus on confirmation signals before predicting the next meaningful trend direction.
Chainlink stabilizes, but resistance remains solid
CRYSTTOWZRD shared daily technical updates, pointing out that market conditions are improving. The analyst pointed out that XRP closed slightly bullish after recent weakness. However, before stronger kinetic energy can form, the signal still needs to be confirmed. The update identifies $1.1150 as the main resistance level. If we can decisively break through this area, it is expected to create an opportunity to do long, and buyers will show new short-term strength. The analysis also mentions XRPBTC as an important confirmation indicator. If XRP performs stronger than Bitcoin, it may strengthen bullish momentum. Funding rotations often help drive broader price increases. At the same time, the downward direction is equally clear to traders. If the price falls below $1.0650, the short-term bullish scenario will expire, and this level may instead bring short opportunities.
Chainlink faces selling pressure, but the market structure is healthy
CoinMarketCap charts show Chainlink trading under continued selling pressure. Buyers tried to rebound multiple times throughout the trading session, but sellers continued to absorb these gains before momentum gained. 
Source: CoinMarketCap As of writing, Chainlink is trading at approximately $8.16, down 2.15% in the past 24 hours. The market value is close to US$6.11 billion, and the daily trading volume is approximately US$190 million. Prices briefly rebounded to the $8.40 area before falling back again, a refusal that prevented buyers from reaching higher highs. The market is gradually returning to a lower trading range. Subsequently, price movements continued to hit lower highs and lower lows, a structure that reflects the continued dominance of short-term short positions. Buyers need stronger momentum to improve market sentiment.
Derivatives data shows a decline in exchange leverage
Coinglass's derivatives data provides another perspective on current market conditions. Liquidation activity soared sharply in early June, with long liquidations of nearly $6.5 million during the most volatile event during the period. Since then, the liquidation histograms have dropped significantly in both directions. The decrease in forced liquidations suggests that leverage has returned to normal and price volatility has stabilized. Exchange data showed Gate led the way with approximately $94.8 million in open interest contracts, followed by Bybit and Bitget with considerable leverage exposure. These figures indicate that there is still continued institutional participation in the derivatives market. Trading volume is concentrated on Binance, OKX and Bybit, while BingX has the largest number of futures transactions among the exchanges tracked. Overall activity reflects a cautious attitude towards positions, with traders waiting for stronger technical confirmation.
