Chainlink’s $10 Dream: A $170M Mirage?

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The price movement, though modest, is on a path that would make even a drowsy sloth feel a twinge of disappointment. Market action indicates reservations, as buyers ponder the $10 mark with the enthusiasm of a man contemplating a tax audit.

Open Interest Approaches $170M Post Liquidations

Aggregated open interest, once a robust $187M, now hovers at a meager $169.76M, as if the market itself is suffering from a severe case of financial vertigo. The measure then took a downward jaunt to $167M-$168M, a move as graceful as a drunk flamingo. This pullback followed the high of positioning near $187M on the 21st, a peak so lofty it might as well have been on Mount Olympus.

The concomitant decline in the price and open interest points indicates the long liquidations. Probably leveraged positions were named closed when the market fell, a process as thrilling as watching a toddler dismantle a Lego set. The recent stabilization at around $170M, however, indicates that not all the participants have left. Nonetheless, overall exposure is still less than those in the past, indicating reserved belief. Or, as I like to call it, “cautious optimism.”

On the 1-hour Open Interest chart, LINK/USDT remains in a short-term downward trend. The two developed low highs as they were rejected around the area of $9, a level so unimpressive it might as well be a grocery list. That deterioration increased at the end of the 23rd, and the price dropped into the $8.10 to $8.20 zone, a realm where even a penny-pincher would feel a pang of regret.

This compression means equality between the sellers and the buyers. It will take a long-term effort over the level of $8.50-$8.60 and a widening open interest with a stronger argument for the broader rally. Up to that point, derivatives data indicates conservative positioning. Or, as I prefer to phrase it, “a complete lack of faith in the future.”

Market activity Softens As Volume Moderates

On one hand, Chainlink is trading at $8.32, and this represents a 3.19% fall in the last 24 hours. The variety is between $8.19 and $8.60, a range so narrow it could fit inside a teacup. The market capitalization measures around $5.90 billion, with a 24-hour trading volume approximated to be $395.92 million, figures so dull they could put a hypnotist to sleep.

According to the BraveNewCoin data chart, the supply in circulation is quoted to be at 708.10 million LINK. The maximum price of the asset was reached on May 10, 2021, and it was $52.70, a figure so distant it might as well be a memory from a previous life.

The present amount is lower than that peak by more than 84%. Chainlink is the 23rd-best digital currency by market. A title as prestigious as being the 23rd best at a dinner party where no one really cares.

Volume grew over the last recession, but it has since subsided. This is consistent with the narrowing open interest that was found previously. Buyers are still there, but there is low involvement. Price is trading within a thin band, and action indicates consolidation. Or, as I like to call it, “a complete absence of excitement.”

The fluctuations in the short term can be kept under control, and no steep rise in demand is evident. To have an even bigger wave to get into the $10, the individual volumes and derivative exposures would have to move together. A scenario as likely as a penguin learning to fly.

Technical Indicators Show Bearish Pressure

At press time, LINK was trading at around $8.18, having recorded a reduction of merely more than 1% per day. The overall daily pattern has remained with falling highs and falling lows ever since the end of 2025. The recovery efforts have not been able to surpass previous areas of resistance, a feat as achievable as convincing a rock to sing.

The TradingView chart shows a decrease in pressure in the downward direction. The MACD histogram has become mildly positive, and it has small green bars. The MACD and signal lines are, however, below zero, thus leaving the bigger trend weak. A situation as hopeful as a cat chasing a laser pointer.

Chaikin Money Flow is moving around the zero line. This shows equal inflows and outflows. The indicator had momentarily plunged into the negative in the earlier part of the month but has pulled back. A dance as dramatic as a waltz between a teacup and a spoon.

The daily volume is average as compared to the peak in the sharp February decline. In the absence of higher buying activity, upside moves can be held at the limit. A longer pause above the level of $9 would enhance the short-term structure, whereas a shift towards the $10 level would demand greater impetus on the spot and the derivative markets. A goal as attainable as a unicorn’s promise.

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2026-02-24 23:06