Chainlink Breaks Trendline Barrier Ahead of BlackRock Meeting
Chainlink's price has recently broken out of a multi-year trendline on its weekly chart, a move that has significant implications for its technical forecast. This breakout follows a retest of the range Chainlink had sustained between May 2022 and October 2023.
The trendline break is particularly notable because it reflects a genuine shift in the balance between long-term buyers and sellers rather than a short-lived squeeze.
Market capitalization sits near $8.51 billion, with open interest around $585.40 million, showing that derivatives traders are heavily positioned around this move.
The upcoming meeting hosted by the Federal Reserve Bank on September 24, where Chainlink founder Sergey Nazarov is set to join executives from BlackRock and Vanguard, has also drawn significant attention to the project.