{"id":576551,"date":"2024-02-23T15:00:05","date_gmt":"2024-02-23T15:00:05","guid":{"rendered":"https:\/\/ktsl888.com\/?p=576551"},"modified":"2024-02-23T12:40:46","modified_gmt":"2024-02-23T12:40:46","slug":"chainlink-open-interest-price","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/chainlink\/chainlink-open-interest-price\/","title":{"rendered":"Chainlink Open Interest Sitting At Record Levels, What This Means For Price"},"content":{"rendered":"

Chainlink has seen its open interest spike<\/a> significantly in the month of February, so much so that it has reached new all-time highs. This trend has not waned despite the decline in the price of the cryptocurrency, which could paint a rather bullish picture for the LINK price<\/a> going forward.<\/p>\n

Chainlink Open Interest Crosses $450 Million<\/h2>\n

The Chainlink open interest ended the month of January on a high note and carried this trend into the month of February. A major jump was seen between January 31 and February 3 when the open interest went from below $250 million to more than $320 million.<\/p>\n

Related Reading: Elliot Wave Theory Predicts Bitcoin Bottom And Top, Here Are The Targets<\/a><\/div>\n

In the days following this, the open interest continued to rise, and eventually hit a peak of $533 million. This was significant because it was not just the highest point for the year but it is the highest that the open interest has ever been for the asset.<\/p>\n

\"Chainlink<\/p>\n

Source: Coinglass<\/a><\/pre>\n
As expected, the price would quickly rise to keep up with the open interest as investors continued to place their bets on the price. There has been a retracement in the open interest. However, Chainlink has continued to maintain more than $450 million in open interest since February 12.<\/p>\n
Currently, Coinglass data shows that the Chainlink open interest<\/a> is $456 million as of February 23, continuing to maintain a high level. Given this, it might be prudent to look at how the LINK price<\/a> has reacted in the past when open interest remained elevated.<\/p>\n
Historical Performance Of The LINK Price<\/h2>\n
While the Chainlink open interest is at record levels, there have been times in the past where the open interest had been elevated for a period of time like it is now. So, how the price reacted during those periods could provide a pointer for how it might perform now.<\/p>\n
The last time that the open interest was this elevated for a long period of time was back in October-November 2023 when open interest more than doubled. It would maintain this elevated level for almost a month, but at the end of it, the LINK price<\/a> would react positively and saw a price surge from $11 to $15, which was a 36% increase in price.<\/p>\n
Related Reading: Fundstrat Exec Predicts Bitcoin Will Reach $150,000, Here\u2019s When<\/a><\/div>\n
If this scenario were to repeat now, then a 36% increase would send the LINK price to $24. This is not particularly hard to believe, given that the LINK price<\/a> had topped out at $52 in the last bull market. So, such a move would still leave it 50% below its all-time high levels.<\/p>\n
On the flip side of this, the open interest levels could also taper off, as was seen in November 2023. This could see the LINK open interest<\/a> lose its hold on the $450 million that it maintained in February and fall toward $400 million before recovering again.<\/p>\n
\"ChainlinkLINK price shows strength at $17.9 | Source: LINKUSD on Tradingview.com<\/a><\/pre>\n
Featured image from CoinGape, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Chainlink has seen its open interest spike significantly in the month of February, so much so that it has reached new all-time highs. This trend has not waned despite the decline in the price of the cryptocurrency, which could paint a rather bullish picture for the LINK price going forward. Chainlink Open Interest Crosses $450 Million The Chainlink open interest ended the month of January on a high note and carried this trend into the month of February. A major jump was seen between January 31 and February 3 when the open interest went from below $250 million to more than $320 million. Related Reading: Elliot Wave Theory Predicts Bitcoin Bottom And Top, Here Are The Targets In the days following this, the open interest continued to rise, and eventually hit a peak of $533 million. This was significant because it was not just the highest point for the year but it is the highest that the open interest has ever been for the asset. Source: Coinglass As expected, the price would quickly rise to keep up with the open interest as investors continued to place their bets on the price. There has been a retracement in the open interest. However, Chainlink has continued to maintain more than $450 million in open interest since February 12. Currently, Coinglass data shows that the Chainlink open interest is $456 million as of February 23, continuing to maintain a high level. Given this, it might be prudent to look at how the LINK price has reacted in the past when open interest remained elevated. Historical Performance Of The LINK Price While the Chainlink open interest is at record levels, there have been times in the past where the open interest had been elevated for a period of time like it is now. So, how the price reacted during those periods could provide a pointer for how it might perform now. The last time that the open interest was this elevated for a long period of time was back in October-November 2023 when open interest more than doubled. It would maintain this elevated level for almost a month, but at the end of it, the LINK price would react positively and saw a price surge from $11 to $15, which was a 36% increase in price. Related Reading: Fundstrat Exec Predicts Bitcoin Will Reach $150,000, Here\u2019s When If this scenario were to repeat now, then a 36% increase would send the LINK price to $24. This is not particularly hard to believe, given that the LINK price had topped out at $52 in the last bull market. So, such a move would still leave it 50% below its all-time high levels. On the flip side of this, the open interest levels could also taper off, as was seen in November 2023. This could see the LINK open interest lose its hold on the $450 million that it maintained in February and fall toward $400 million before recovering again. LINK price shows strength at $17.9 | Source: LINKUSD on Tradingview.com Featured image from CoinGape, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":576556,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83381],"tags":[16295,89531,91686,79580,14690,85700,16097,89530,91725,82825,75940,79480,54146],"class_list":["post-576551","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chainlink","tag-chainlink","tag-chainlink-news","tag-chainlink-open-interest","tag-chainlink-price","tag-crypto-news","tag-cyrpto","tag-link","tag-link-news","tag-link-open-interest","tag-link-price","tag-linkusd","tag-linkusdt","tag-open-interest"],"acf":[],"yoast_head":"\nChainlink Open Interest Sitting At Record Levels, What This Means For Price<\/title>\n<meta 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/ktsl888.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Chainlink Open Interest Sitting At Record Levels, What This Means For Price","url":"http:\/\/ktsl888.com\/news\/chainlink\/chainlink-open-interest-price\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/chainlink\/chainlink-open-interest-price\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/02\/Chainlink-LINK.jpeg?resize=200%2C168","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/02\/Chainlink-LINK.jpeg?fit=299%2C168"},"articleSection":"Chainlink","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["chainlink","chainlink news","chainlink open interest","chainlink price","crypto news","cyrpto","link","link news","link open interest","link price","linkusd","linkusdt","open interest"],"dateCreated":"2024-02-23T15:00:05Z","datePublished":"2024-02-23T15:00:05Z","dateModified":"2024-02-23T15:00:05Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Chainlink Open Interest Sitting At Record Levels, What This Means For Price\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/chainlink\\\/chainlink-open-interest-price\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/chainlink\\\/chainlink-open-interest-price\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/02\\\/Chainlink-LINK.jpeg?resize=200%2C168\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/02\\\/Chainlink-LINK.jpeg?fit=299%2C168\"},\"articleSection\":\"Chainlink\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"chainlink\",\"chainlink news\",\"chainlink open interest\",\"chainlink price\",\"crypto news\",\"cyrpto\",\"link\",\"link news\",\"link open interest\",\"link price\",\"linkusd\",\"linkusdt\",\"open interest\"],\"dateCreated\":\"2024-02-23T15:00:05Z\",\"datePublished\":\"2024-02-23T15:00:05Z\",\"dateModified\":\"2024-02-23T15:00:05Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/02\/Chainlink-LINK.jpeg?fit=299%2C168","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/576551"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=576551"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/576551\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/576556"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=576551"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=576551"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=576551"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}