Crypto
LINK Price Soars on Short Squeeze, But Bulls Face Key Test
LINK (Chainlink) price has surged by 7.48% to $13.13 in the past 24 hours, a move widely attributed to a short squeeze rather than organic buying.
The sudden increase in price coincided with an 11.07% drop in open interest, indicating that trapped shorts were being margin-called out of their positions and contributing to the upward momentum.
Despite this, technical indicators suggest that the market may be due for a retest of the $12.96 pivot before bulls can target higher levels, such as $14.58.