Chainlink Seeks Breakout Above $12 as Trading Volume Surges 65%

Chainlink (LINK) has experienced a significant surge in trading volume over the past 24 hours, with a 65% increase. The asset is currently trading at around $11.40, and investors are eyeing a potential breakout above the $12 resistance level.

This comes after a strong rally from $8 to above $13.50 in early September, which saw LINK rise by over $5 in just a few days. However, despite increased volume and bullish positioning, futures and spot flows show some selling pressure, making the breakout uncertain.

If LINK can sustain its current momentum and close above $12, it could potentially target $12.50 and even its previous high of $13.50. Nevertheless, buyers need to convert trading activity into real demand to confirm this move.