Chainlink Overbought But Smart Money Refuses to Blink

Chainlink's recent price surge has led to an overbought situation, with its Relative Strength Index (RSI) at 73. However, despite this technical indicator screaming 'overbought,' smart money isn't blinking.

The market is currently in a state of uncertainty, with LINK trading at $11.29 and the MACD momentum dead flat. The path of least resistance in the next 12-48 hours appears to be lower, with a pullback to $10.90 being the highest-probability near-term move.

Despite this, whale positioning and open interest (OI) are indicating that smart money is still bullish on LINK. In fact, OI has surged 12% in the last 24 hours, with top traders sitting at a 1.9036 long/short ratio, with 65.6% positioned long.

The bull case for LINK's technicals is equally undeniable, with every single moving average stacked below current price in perfect bullish alignment. The SMA 200 at $8.81 isn't even in the conversation right now, indicating a structurally healthy trend that's simply gotten ahead of itself in the short run.