Chainlink Price Rejection Triggers Downward Trend as Institutional Interest Returns

Chainlink's price has been on a downward trend, rejected from a descending trendline after two touches. The kind of candle that followed is one that traders do not ignore, and this has led to an interesting spot in the market.

The LINK token is currently trading at $11.517, down 2.33% on the day with futures volume over the last 24 hours sitting at $433.73 million against spot volume of $92.77 million. The gap between these two figures shows that leveraged positioning is still carrying most of the recent price movement.

According to a post from BSCN, spot Chainlink ETFs had gone eight straight days without a single day of inflows or outflows before returning on September 9 with $1.1 million in added holdings. This return after a dead stretch is worth paying attention to for anyone building a Chainlink price forecast.

Looking at the chart, if LINK manages an hourly close above $12.651, that would undo the second rejection and put $13.681 back in play as the next resistance. A confirmed close above that level would open the door to the $15 psychological level.