Chainlink’s LINK token is trading at $8.29 as it nears a test of its $8.54 resistance level. The daily pivot point at $8.35 has not yet been captured, while open interest continues to fall — a sign that momentum is cooling. Still, data shows 72% of smart money positions, or whales, remain long, indicating large holders are betting on an eventual move higher.
A Pivot Point Still Uncapped
The $8.35 daily pivot has acted as a line in the sand. LINK has not traded decisively above it, leaving traders without a clear short-term directional signal. The next hurdle is $8.54, and a test is considered imminent. If the token fails to break that level, the current consolidation could extend. The price ceiling is identified at $9.12, giving bulls a defined target if they can reclaim the pivot first.
Whales Remain Bullish Despite Bleeding Open Interest
Open interest in LINK is draining — a metric that typically points to fading conviction among traders. Yet whale positioning tells a different story. With 72% of smart money long, the largest holders are not backing away. The divergence suggests smaller traders may be reducing exposure while big players hold their ground, waiting for a catalyst. Whether that patience pays off hinges on the upcoming resistance test.
What Comes Next for LINK
With $8.54 resistance looming, the next trading sessions will show if the whales’ confidence is justified. If open interest continues to wane, breaking through that level could become harder. If bulls drive the token above $8.54, the path toward $9.12 opens up. The pivot point at $8.35 remains a key gate — until it’s captured, price action stays indecisive.
