The post This Is Why Chainlink Price Might Reclaim $12 Soon appeared on BitcoinEthereumNews.com.

Chainlink’s (LINK) price has shown signs of recovery, aiming to return to the $12 level after a 4.20% rise in the last 24 hours. This rebound comes after the token, ranked as the 14th most valuable cryptocurrency, dropped below $10 a few days ago. If LINK maintains its upward trajectory and key indicators continue to improve, it could avoid another dip and sustain its climb. Chainlink Open Interest, Large Transactions Jump One key indicator supporting Chainlink’s recent upswing is its rising Open Interest (OI). OI tracks the number of active contracts tied to the cryptocurrency, reflecting the market’s engagement. An increase in OI suggests growing liquidity and interest in those contracts, while a decline points to reduced exposure. From a price perspective, rising OI alongside a price dip often confirms a downtrend. Conversely, if OI decreases during a price rise, it could signal a bearish reversal. In Chainlink’s case, however, both OI and price are increasing, suggesting the uptrend may continue. Read more: How To Buy Chainlink (LINK) and Everything You Need To Know Chainlink Open Interest. Source: Santiment Furthermore, Chainlink has seen a rise in large transactions since September 5, indicating increased liquidity around the cryptocurrency. However, a spike in large transactions doesn’t always signal upward pressure. If these transactions surge during a price drop, it points to dominant selling pressure. In LINK’s case, the recent jump in large transactions suggests growing demand. This demand, paired with the larger transaction sizes, may help sustain the current price increase and support the ongoing uptrend. Chainlink Large Transaction Volume. Source: IntoTheBlock LINK Price Prediction: It’s the Season to Get Back $12 Chainlink’s price currently trades at $10.74, reaching this level after bulls successfully defended the $10.05 support. According to the daily chart, the cryptocurrency may be forming a V-shaped recovery — a…

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Filed under: News - @ September 9, 2024 11:17 am