Chainlink Breaks Out of Accumulation Zone, Eyes $10 Target

Chainlink's price has broken free from its accumulation zone and is now trading near $8.724, up 4.03% in the past 24 hours.

The asset's official reserve continues to grow, holding 5.35M LINK worth close to $44.4M, a data point that could be significant in the current breakout scenario.

However, there are warning signs for Chainlink bulls as short positions accounted for most of the past 24 hours' liquidations, with $810.93K being liquidated in total.

The price needs to clear and hold above $8.920 resistance to confirm continuation towards $10.025 and eventually $10.854, but a pullback to $8.455 is still possible before the next leg higher.