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On Thursday, April 9th, the Chainlink price recorded a modest gain of 2% to currently trade at $8.96. While a majority of major cryptocurrencies struggle due to geopolitical uncertainty, the $LINK coin shows resilience $8.6. The buying pressure can be linked to recent accumulation of Chainlink reserves to promote long-term network growth and sustainability. A renewed uptick in $LINK-tied open interest further accentuates the rising demand pressure.
Chainlink Reserve Expands Holdings with $1.1M Buy
On Thursday, the crypto market recorded a notable volatility as Bitcoin price initially dropped to $70,500 low before regaining its footing above $72,000. A primary catalyst for this uncertainty is geopolitical instability as the earlier announced The two-week ceasefire between the U.S., Iran, and Israel is currently failing due to deep disagreements over its scope and renewed military actions.
While the cryptocurrency market is still seeking stability, the derivative trading in $LINK’s futures shows renewed interest from traders. According to Coinglass data, open interest associated with $LINK witnessed an upward inclined to $375 million from the recent low of $334 million in late March. Higher open interest enhances market depth as more traders are opening new leveraged positions in this asset in anticipation of a dynamic price move.
In addition, the Chainlink Reserve has further added 131,656 tokens in the latest addition of tokens which was purchased at an average price of $13.15 per token. The acquisition, which cost the reserve over 1.1 million, boosts the total balance of the reserve to 3,064,151.83 $LINK, worth about 27.7 million.
This action makes the reserve one of the thirty-five largest single $LINK owners. Such acquisitions are financed either by payments made by large companies utilizing Chainlink services off-chain or by fees collected on the blockchain itself through network usage. The mechanism is used in directing the real-world usage revenue back into the token holdings to support the operations of the project.
Chainlink Price Heading For A Major Resistance Challenge at $10
In the last two weeks, the Chainlink price witnessed a bullish upswing from $8.2 to $9.07, registering a gain of 10.61%. This upswing received a sufficient surge in trading volume while the momentum indicator (RSI) also bounced to 52%, indicating the remaining bullish momentum in the market.
With sustained buying, the $LINK could rise another 11.3% and challenge the key ceiling of ongoing consolidation trend at $10. Since early February, Chainlink price has been actively resonating between the $10 and $7.8 levels amid the geopolitical instability in the Middle East.
If the sellers continue to defend the overhead resistance, the coin price price will witness renewed selling pressure and revert towards the lower level of the range.
On the contrary, a potential breakout from the $10 resistance would accelerate the market’s recovery to the $11.7 level, followed by a leap towards $15.
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