With the recent breakout at $16.60, Chainlink (LINK) is demonstrating upward momentum, attracting attention from traders and analysts.
Confirmation of Trend Reversal and Resistance Break
Chainlink has surpassed the $16.60 level, confirming the inverse head and shoulders pattern. This pattern is seen as a positive indicator at the end of a downtrend. Increased trading volumes support LINK's upward movement.
Exchange Outflows and Futures Market Activity
According to analysts, over 3.32 million LINK tokens were withdrawn from exchanges in the past 24 hours, signaling accumulation. Data also indicates positive funding rates in the futures market, suggesting dominance of long positions.
Overview of Current Market Situation
The rise in open interest in the futures market supports the notion of a potential continuation of the current rally. The current status of LINK and trading activity suggest heightened investor interest in the token.
Current trends in LINK's dynamics and growing investor interest point towards the possibility of strengthening the token in the coming days.
