Chainlink’s LINK Falls 1.41% as Futures Open Interest Rises 12.56%

Chainlink’s LINK token fell 1.41% over 24 hours while Binance futures open interest increased, leaving the market’s near-term direction unresolved as several technical indicators remained neutral.

LINK traded at $12.96 on Binance spot at 4:24 a.m. ET (8:24 a.m. UTC) Friday, Oct. 9. Its 24-hour range was $12.09 to $13.19.

Binance futures open interest rose 12.56% to approximately $121.26 million, equivalent to 8,388,797.52 contracts. The increase does not show whether traders added long positions, short positions or hedges.

LINK remained below its seven-day simple moving average at $13.60, 20-day SMA at $13.71, 12-day exponential moving average at $13.55 and 26-day EMA at $13.22. It stayed above the 50-day SMA at $12.49 and the 200-day SMA at $9.67.

Binance’s funding rate was negative at -0.0142% per eight-hour settlement. Under the exchange’s funding mechanism, that means short-position holders paid long-position holders.

Binance’s global account ratio showed 61.2% of accounts long and 38.8% short at 3 a.m. ET (7 a.m. UTC). Its top-trader account ratio was 67.2% long and 32.8% short. Account ratios measure the share of accounts, not the size of their positions.

Momentum readings were broadly neutral. The MACD and signal lines both stood at 0.3224, leaving the histogram at 0.0000. The 14-period relative strength index was 47.84, while the stochastic oscillator showed %K at 23.47 and %D at 18.77.

Bollinger Bands stood at $12.19 for the lower band, $13.71 for the middle band and $15.23 for the upper band. The %B reading was 0.2517. Immediate resistance was identified at $13.40, followed by stronger resistance at $13.85. Support levels were $12.30 and $11.65.

Chainlink operates decentralized oracle networks that connect smart contracts with off-chain data. Its data feeds combine information from multiple independent oracle operators before publishing it onchain.