Chainlink Trading Volume Craters by 58% Amid Market Pullback

Chainlink (LINK) has seen its trading volume plummet by 58% in recent days, with futures activity dropping sharply across multiple exchanges. The cryptocurrency's price is currently at $14.37, down around 7% over the past 24 hours after reaching an intraday high of $15.57.

The decline in participation is evident in the data, with Binance's LINK/USDT market experiencing a 60.75% drop in volume to $286.10 million. The total futures volume across exchanges has fallen to $848.36 million, with OKX and Bybit showing similar declines of 63.14% and 57.09%, respectively.

Despite the pullback, Chainlink's price remains well above its major moving averages, including the 200-day average near $10.50. The RSI has cooled from overbought territory, easing some of the pressure built during the rally.