Outside Source
Chainlink is among top gainers on Dec. 12 as its price breaks to its highest level in nearly three years, with this coming as futures open interest spiked to an all-time high.
Data from on-chain and financial metrics provider Glassnode revealed that Chainlink (LINK) futures open interest reached $770.27 million as LINK hit its highest levels in almost two years. OI, a measure of market activity, provides insights into investor sentiment, which appears bullish in this case.
Glassnode’s data from December 11 highlighted that Chainlink’s OI was nearly three times that of Toncoin (TON) and twice that of TRON (TRX). Specifically, TON and TRX futures open interest stood at $259 million and $356 million, respectively.
On Dec. 12, LINK’s price soared to $29.45, continuing its upward momentum after reaching levels last seen in January 2022.
Glassnode suggests bulls retain the upper hand due to improving fundamentals.
This is despite the latest profit taking in the spot market. Analysts say the selling largely came from speculative traders. As speculators pushed profit taking to its highest level since February, “long-term holders stayed mostly quiet.”
“While LINK’s price surge was clearly driven by speculative and short-term market activity, its fundamentals are improving too. Active addresses momentum is trending higher, with the short-term SMA of 6,682 still above the long-term SMA of 5,878. That said, active addresses remain far below their 2021 peak of 23,416,” Glassnode posted on X.
As of the time of writing, Chainlink had gained 13% on the day and was up 97% over the past week and 30 days, respectively.
The upside has come amid key ecosystem partnerships for the oracle network, including with World Liberty Financial. The Trump-inspired crypto project announced in November that it was adopting Chainlink’s technology to bring decentralized finance to mass adoption.
Additionally, Chainlink Labs has partnered with Emirates NBD Digital Asset Lab to facilitate asset tokenization and digital asset management. Other significant integrations and collaborations involve leading institutions such as Swift, SBI, and UBS, among others.
This article first appeared at crypto.news
