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LINK Key Points
Chainlink futures trading volume rose on major exchanges as LINK challenged key resistance of $12, but the increase in trading volume did not confirm continued buying pressure. The flow of short futures and spot funds suggests persistent selling pressure, while crowded long positions increase the risk of liquidation if nearby support fails. LINK is still above the main moving average and could face resistance near $12.50 and $13.50 during the rebound if it can stabilize above $12.
Chainlink futures trading volume surges as bulls try to recover the US$12 barrier
Chainlink (LINK) futures trading activity on major exchanges has increased significantly as buyers try to regain important US$12 resistance. Based on market data, Binance recorded approximately US$113 million in LINK futures trading volume, a 53% increase in 24 hours. At the same time, futures activity on OKX rose about 44%, Bybit rose 52%, while overall growth on smaller exchanges was close to 65%. These data show increased participation in the derivatives market, although the expansion in trading volume does not in itself prove that buyers have full control of LINK's price movements.
Currently, the trading price of LINK hovers around US$11.40. Its price previously rose from US$8 to more than US$13.50, an increase of nearly 70%. However, sellers regained control of the situation near the high level and pushed the LINK price down to the US$11 region. Still, the correction did not disrupt the breakout structure, as LINK remained above multiple important moving averages. The short-term moving average maintains an upward trend, providing positive support for the technical outlook as long as buyers can hold on to near-term support for cryptocurrencies.
Negative capital flows pose a challenge to LINK's bullish positioning
Despite increased futures activity, capital flow data shows that selling pressure on LINK remains present over several monitored periods. The cryptocurrency recorded a futures net outflow of approximately $1.84 million in four hours, with a total net outflow of $3.86 million in twelve hours. In addition, cash flows remained negative in one-hour, four-hour, eight-hour and twelve-hour windows, revealing limited underlying buying demand across exchanges. These data suggest that spot buyers have not kept up with the heat of derivatives participation, so more demand is needed to confirm a sustainable breakout.
Binance's long and short ratio is around 1.46, while top traders 'open ratio exceeds 2.2, showing a strong preference for long. However, crowded position layouts pose liquidation risks, as leveraged traders may be forced to close their positions quickly once support levels are lost. In addition, the Relative Strength Index (RSI) has cooled to the median 50 region, leaving further upside for LINK. The $12 level remains a key obstacle as buyers repeatedly and unsuccessfully attempt to convert the tested resistance zone into a reliable support zone. If spot demand strengthens in tandem with futures activity, a close of $12 could expose resistance at $12.50 and $13.50 near the September high.
