Chainlink Breaks Trendline Barrier, Eyes $16.78 Resistance

Chainlink's price has been on an upward trajectory after breaking through a long-term descending trendline. The cryptocurrency, which has been trading sideways below this ceiling for months, has now cleared it and is showing signs of strength.

According to CoinGlass data, the futures volume of Chainlink is roughly 6.4 times higher than its spot volume, indicating that leveraged traders are driving most of the price action today. The open interest of $697.27 million against a market cap of $7.82 billion puts leverage exposure at around 8.9% of market cap.

The top 100 wallets hold approximately 58.47% of Chainlink's supply, with whale addresses controlling 53.65% of the market cap and the Gini distribution score sitting at 0.9666. The Nethermind development firm has also announced that it is deprecating its legacy cross-chain infrastructure and migrating to Chainlink as a node operator.