Chainlink Sees Over 65% Volume Surge as Buyers Eye $12 Breakout

Chainlink's trading activity has seen a significant surge in recent days, with volume on various exchanges increasing by over 40% to 60% in the past day. This comes as $LINK looks to recover from its most recent correction, currently trading at around $11.40 after previously reaching a peak above $13.50 in September.

The asset's breakout has not been eliminated, and with trading activity resuming, some analysts are optimistic about the potential for a price increase. Futures data shows that Binance, OKX, and Bybit have all seen increases in volume, ranging from 44% to 53% over the past day.

However, it's essential to note that higher volume does not always indicate bullish pressure. In this case, futures flows remain negative for longer periods of time during the day, with $LINK recording net futures outflows of about $1.84 million and $3.86 million over four and twelve hours respectively.

The positioning of traders is also a factor to consider, with the top-trader position ratio greater than 2.2 and Binance's account long/short ratio approximately 1.46. This suggests that traders continue to have a strong bias toward longs, which could support a breakout if demand persists.