- LINK open interest reached nearly 29 million tokens, returning to levels seen before October’s liquidation cascade.
- Positive funding throughout the buildup suggests long positions drove much of the recent increase in LINK leverage.
- LINK trades above its 50-day and 200-day averages, with $9.50 and $10 emerging as key resistance levels.
Chainlink leverage has returned to levels seen before October’s crash, while LINK remains about 57% below its October price. Santiment said open interest reached nearly 29 million LINK, with positive funding throughout the buildup. Meanwhile, LINK trades near $9.41 after moving above its 50-day and 200-day moving averages.
Open Interest Rebuilds After Crash
According to Santiment, LINK-denominated open interest climbed above its October 9 level. It was the first such reading since the October 10 liquidation cascade. In dollar terms, open interest remains near $279 million.
That compares with roughly $555 million before the crash. LINK trades about 57% below its October level, despite coin-denominated open interest recovering. Funding remained positive every day during the buildup.
Therefore, the added open interest has leaned toward long positions. However, the current level remains below the August 2025 peak. Open interest then reached nearly 34 million LINK, making the latest increase a rebuild.
LINK Moves Above Key Averages
LINK reached about $10.90 in early May before falling toward $7.20-$7.30 in late June. Through July and early August, LINK formed higher lows before crossing $8.50-$9.00. The 50-day moving average is at $8.99, while the 200-day average is at $8.51.
LINK trades above both levels, while the MA50 remains above the MA200. Network activity remains much lower than its May reading. Daily active addresses reached nearly 284,000 around early May, compared with about 1,237 recently.
Analysts Watch $10 and Below
Michael van de Poppe expects LINK could move toward $10.03 before reaching his preferred entry levels. He said he is watching those levels for bids. On higher timeframes, van de Poppe said LINK has started trending upward. He also expects higher numbers going forward.
The supplied chart places resistance around $9.48-$9.50, followed by $10.00. The next major region is between $10.45 and $10.90. Support levels include $8.99, $8.51, and the $8.00-$8.20 zone. A break below $8.51 would weaken the stated bullish technical structure.
