Chainlink Price Teeters on $8.21 Support as Whale Longs Wait for Squeeze
Chainlink (LINK) has been experiencing a choppy market trend, stuck between $8.21 and $8.48. The asset is down nearly 3% in the last 24 hours, with volume on Binance spot being under $6 million.
The technical indicators are giving mixed signals, with momentum flatlining and aggressive sellers dominating intraday flow. However, whale positioning is showing a strong bias towards long positions, with top traders positioned 68.6% long against 31.4% short.
Despite the mixed signals, there's still a case to be made for a potential squeeze. The funding rate at 0.002% is nearly neutral, and growing open interest could indicate fresh shorts entering the market or longs refusing to capitulate.
CoinCodex is forecasting $9.85 by year-end 2026, which would require LINK to reclaim the 200-day moving average at $9.27 and hold it as support.