Chainlink Volume Surges 65% as Price Targets $12 Breakout

Chainlink (LINK) has seen a significant surge in trading activity over the past day, with volume increasing by over 65% on major exchanges. This comes as LINK looks to recover from its recent correction and break above the $12 resistance level. The asset has been trading at around $11.40 after a volatile few weeks, but crucially, the wider breakout has not been eliminated.

Trading activity is resuming, with Binance's LINK/USDT futures volume reaching approximately $113 million, up about 53% over the past day. OKX and Bybit have also seen significant increases of around 44% and 52%, respectively. However, higher volume does not always indicate bullish pressure, as futures flows remain negative for longer periods of time.

Positioning is another aspect to keep an eye on, with top-trader position ratio greater than 2.2 and Binance's account long/short ratio at approximately 1.46. This indicates a strong bias towards longs among traders, which could support a breakout if demand persists. However, excessive long positioning increases the risk of liquidation.