• Chainlink is trading at $24.06 with $4.97B volume, bullish momentum targeting $30–$40.
• Key resistance levels are $26.50 and $30, and strong support at $20.
• LINK derivatives soar by 84.22% to $5.11B, open interest decreases slightly by 2.12%, reflecting cautious optimism

Chainlink (LINK) is showing strength as it is trading at $24.06, supported by $4.97 billion. After recent dips, bullish momentum is emerging, and technical indications suggest that LINK can try testing significant resistance areas around $26.50 and eye $30–$40 if conditions remain favorable in the markets.

LINK is currently trading at $24.06, with a 24-hour trading volume of $4.97 billion and a market capitalization of $16.31 billion. The token holds a market dominance of 0.42%, though LINK has seen a minor drop of 0.69% within a span of 24 hours.

Historically, Chainlink reached its all-time high of $52.89 on May 10, 2021, and its lowest ever was $0.126 on September 23, 2017. From the previous cycle low at $4.96, LINK climbed to a cycle high at $30.69, characteristic of a strong recovery potential. Current market sentiment for LINK is positive.

Chainlink Eyes $40 If Bulls Persist

According to a recent post on X, the daily technical outlook for LINK shows strong momentum. LINKBTC recently recorded a new high, and further upside appears likely unless Bitcoin experiences a sudden decline. 

Resistance levels for LINK include $26.50 and $30, and there are prospects of a move towards $40 in case a continuation of the trend observed is noted. Support for a probable corrective move in the market is at $20. Intraday moves were highly volatile, and $24.85 was a notable short-term resistance.

Trading higher than this level may create early buying opportunities, and a move through $26.50 would confirm higher bull potential.

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Chainlink Derivatives Show Rising Trading Activity

Chainlink’s derivatives market is showing strong activity with an 84.22% increase in trading volume at $5.11 billion, although open interest recorded a slight decline of 2.12% at $1.59 billion. The charts indicate higher participation in trading despite open interest declining, and suggest some investors have been closing positions after recent price volatility. 

From the OI Weighted Funding Rate of 0.0072%, it appears that the market sentiment is balanced in a slightly bullish direction. This rate verifies that the investors are paying a small premium to hold long positions, showing confidence without excessive leverage risk. In addition to rising trading volumes, the derivatives outlook for LINK also suggests stable bullish momentum within the market.

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