Chainlink LINK Faces Selling Pressure as Open Interest Declines Signals Leverage Unwind
Chainlink (LINK) is trading at $12.18, down 5% on the day, as sellers strengthen their control following a rejection from the $13.40–$13.50 resistance zone. Open interest has fallen to $225.5 million from over $240 million, confirming the liquidation of Leveraged positions during the breakdown.
The cryptocurrency's market capitalization holds at $8.60 billion with $472.73 million in 24-hour trading volume, reflecting active repositioning but no sign of a trend reversal. Price action is consolidating NEAR $12.00, with narrow trading bands indicating market hesitation rather than accumulation.
The technical structure remains corrective. Indicators and broader market cooling suggest prolonged downside risk. LINK's high-liquidity footprint has not prevented its drift lower within the established channel.
