Chainlink’s native token LINK surged 2.23% to $10.10 on Wednesday, crossing above all short-term moving averages in a move that traders say signals renewed bullish momentum. The gain comes as institutional money continues to pile into long positions, with data showing heavy positioning from large players.
What drove the breakout
The move above the 50-day, 100-day, and 200-day moving averages — a technical pattern often called a “golden cross” when all three align — suggests that near-term sentiment has shifted. LINK had been trading in a tight range for weeks, struggling to hold above $9.80. Wednesday’s break clears that hurdle and puts the next major resistance level at $10.48 in focus.
Volume picked up during the session, though it wasn’t a dramatic spike. What stands out more is the positioning in the derivatives market. According to exchange data, 70% of open interest in LINK futures is currently long. That means the vast majority of leveraged bets are counting on further upside.
Whale activity and institutional money
Whales — addresses holding large amounts of LINK — have been stacking long positions over the past week. The concentration of long open interest isn’t new, but it has grown steadily. Institutional investors, often slower to move than retail, are now heavily positioned long, according to flow data from several trading desks.
This kind of alignment between technical breakouts and institutional accumulation can create a self-reinforcing loop. If LINK manages to push through the $10.48 resistance, the next targets would be the $11 zone and then the $12 area, where previous selling pressure emerged in late 2024.
The $10.48 level to watch
The key question now is whether LINK can hold above $10.10 and challenge $10.48. That level acted as resistance multiple times in the past three months. A clean break above it would open the door to the next leg higher. On the downside, $9.80 is the first support to watch, followed by $9.50.
With 70% of open interest long, any sudden reversal could trigger a cascade of liquidations. But for now, the momentum is firmly in the bulls’ favor. The next few sessions will tell whether this is a sustained move or just another fakeout.
