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Chainlink (LINK) has garnered significant interest on the futures market, with investors committing $1.02 billion to the asset. This follows a slight rebound in LINK's price on the crypto market after it plunged to a low of $18.67 in a wave of volatility. As per CoinGlass data, this translates to 53.32 million LINK in the last 24 hours.
Chainlink trading volume hints at resilience
Notably, despite a mild offset in the volume of Chainlink tied to the futures market, the overall trend suggests that investors remain bullish on LINK’s outlook. They are anticipating a possible price increase in the coming days. This optimism is more prevalent among traders on Gate.io, Bitget, Binance and Bybit.
Gate.io and Bitget traders committed $209.24 million and $206.85 million, respectively, on Chainlink. This translates to 20.57% and 20.33%, in that order. Binance and Bitget represent 16.29% and 15.37% of the total open interest, or $165.77 million and $156.44 million, respectively.
As of press time, Chainlink is trading at $19.16, representing a 4.42% decline over the last 24 hours. However, considering its previous low, it reflects a nearly $0.50 recovery within the time frame. Trading volume is also up slightly by 1.91% at $1.18 billion, signaling continued investor interest.
Could whale accumulation break $20 resistance?
If Chainlink experiences a spike in the activity of ecosystem whales who decide to accumulate the asset, the price could recover more quickly. Whales have been known to make massive purchases even during times of volatility, particularly when anticipating future price movement.
Hence, an uptick of over 100% on the part of Chainlink whales could breach the $20 resistance level. Considering that top whales control 32% of Chainlink’s top wallets, their activity could positively impact the price outlook.
In the last 30 days, LINK has faced rejection at this level and could not find stability above it when it flipped the price mark.
Vladislav Sopov
U.Today Editorial Team