Chainlink LINK Holds $9 Support Despite Cooling Open Interest, Signaling Consolidation Phase
Chainlink's LINK token is holding firm above the $9.00 level, even as open interest has declined, indicating the market may be entering a consolidation phase. After peaking above $10 in mid-March, LINK is now trading within a narrow 29-cent range, reflecting a period of market indecision.
Open interest has pulled back to $196.67 million from its March 17 high of $220 million, suggesting a reduction in leveraged positions. This cooldown follows LINK's aggressive rally earlier this year, with traders now closely watching for signs of either a rebound or further retracement.
On the six-hour chart, LINK/USD is trading at $9.09859 with a slight 0.25% decline, while 24-hour data shows a 0.79% drop to $9.12. The cryptocurrency's market cap stands at $6.45 billion as it appears to be taking a technical breather following recent volatility.
