Chainlink (LINK) Eyes $18 Breakout as Derivatives Demand and Whale Activity Fuel Rally

Chainlink (LINK) has rebounded strongly from its $12.50 support level, currently trading NEAR $13.50 amid a surge in derivatives volume and long positions. The upward move aligns with a bullish ascending channel pattern established since mid-2023, with $18 emerging as the next key technical target.

Spot market data shows aggressive accumulation, with the 90-day Spot Taker CVD indicating sustained buy-side dominance. Increased whale activity and growing open interest suggest institutional players are positioning for further upside, though mixed on-chain metrics could limit the rally's strength.

Analysts observe that LINK's price action mirrors historical patterns where the $12.50 level has previously sparked significant rallies. The cryptocurrency now faces a crucial test at the mid-channel $18 resistance level—a breakout above this threshold could determine its medium-term trajectory.