Chainlink's LINK Token Surges 14.7% Amid Whale Activity and Growing Open Interest

Chainlink's LINK token has experienced a significant rally over the past week, breaking above $8.90 resistance and reaching as high as $9.60 before pulling back to trade around $9.43.

The price breakout came with an increase in trading volume, with LINK moving up from near $8.20 after clearing the resistance zone and holding above that former level even after the pullback.

A large whale holder moved 984,550 LINK tokens, worth about $9.23 million, to Coinbase after building a 2.41 million LINK position over the past month.

Open interest in LINK futures rose to around $690 million, indicating that leverage played a role in pushing the price higher, but funding rates remained mildly positive, suggesting less crowding in the market.