Link Price Drops 6%, But Bullish Trend Remains Intact

Link (LINK) price took a hit of nearly 6% in a single session on September 30, dropping to $14.31. Despite this decline, open interest surged 14.84%, and top traders are positioned 70% long.

The macro trend for LINK is clearly bullish, as the price is trading more than 50% above its 200-day moving average of $9.47. However, momentum has gone dead at exactly the wrong place, with the MACD histogram flatlining at zero near the upper Bollinger Band.

The positioning data shows that both retail and smart money are heavily positioned long, but the order flow data indicates aggressive selling. This divergence is a classic setup for a liquidity sweep, which could either resolve as a bear trap or a slow bleed.