Chainlink (LINK) token fell on Wednesday with a combination of negativity in prices and decreasing market activity. LINK is currently trading at $12.70 with a downwardChainlink (LINK) token fell on Wednesday with a combination of negativity in prices and decreasing market activity. LINK is currently trading at $12.70 with a downward

Chainlink (LINK) at a Crossroads: Can It Break Past $13.50?

  • LINK weakens as falling activity signals reduced short-term market participation.
  • Analysts watch $13.50 resistance as triangle compression tightens price action.
  • Liquidations stay limited, pointing to balanced risk and cautious positioning.

Chainlink (LINK) token fell on Wednesday with a combination of negativity in prices and decreasing market activity. LINK is currently trading at $12.70 with a downward movement of 1.7% in the last 24 hours. The trading volume dropped by 43.68% to $424.11 million, indicating poor short-term participation. 

Over the last seven days, the token has fallen by 9.96%. The decline was a continuation of a wider short-term decline. The market momentum was poor. Volatility remained contained, and that minimized chances of aggressive trade. 

Source: CoinMarketCap

Analyst CryptoWZRD highlighted that LINK ended the day without conviction. He asserted that the LINK/BTC pair would likely determine the next move. The critical resistance level is still $13.50. Any break above this zone and the subsequent revived weakness might initiate short setups on intraday charts. He said that the price setup has not yet indicated a long-term turnaround.

Source: X

Additionally, another analyst, Jonathan Carter, mentioned a symmetrical triangle pattern on the chart of LINK. Price has recently rebounded off the bottom of the two-week period. Cryptocurrency is currently trading towards the top of the triangle. At this point, volatility remains under pressure. Analysts noted that aggressive compressions usually lead to good directional movements.

Also Read: Stellar (XLM) Weekly Analysis: Can Price Break Resistance and Reach 0.47?

Carter added that bullish momentum is potentially developing. He set upside breakout targets in case the price comes out of the triangle. The initial targets sit at $22 and $34, and higher extensions reach $53. A positive outlook may suggest that LINK could attain a value of $100. Such targets are based on a proven breakout. 

Source: X

Open Interest Rises Despite Lower Trading Volume

CoinGlass data shows that the trading volume decreased by 34.41% to $921.11 million. Although the volume is low, the open interest rose by 1.29% to $548.65 million. This indicates that traders are hedging before the market can become volatile. The OI-weighted funding rate was 0.0062% with a slight long bias and no extreme leverage.

Source: CoinGlass

Total liquidations amounted to $366,110 in the past 24 hours. Long positions recorded $247,440. Short positions totaled $118,670. These data indicate balanced conditions of risk instead of compulsory exits. LINK is currently trading at an important technical level. Traders are still awaiting a decisive action to determine the upcoming trend.

Source: CoinGlass

Also Read: XRP Price Near $2.10 as Breakout Could Open Path to $2.75

Market Opportunity
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Chainlink (LINK) Live Price Chart
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