Chainlink
Chainlink Pauses Near $9.56 as Spot ETF Inflows Support Recovery Attempt
LINK stalled below resistance after a 14% weekly rally, as weakening derivatives sentiment clashes with renewed institutional buying through spot ETFs.
Chainlink struggled to overcome resistance near $9.56 on Tuesday, pausing after a rally exceeding 14% over the previous week. Derivatives data painted a mixed picture: the long-to-short ratio fell to 0.90, below the threshold suggesting short positioning dominance, while the funding rate turned negative at minus 0.0050%, pointing to caution among perpetual futures traders.
Institutional demand provided a contrasting signal. Spot Chainlink ETFs recorded $2.07 million in net inflows on Monday, the largest daily intake since July 22, suggesting that institutional investors were rebuilding exposure following the recent recovery.
Technically, LINK remained above its 50-day and 100-day exponential moving averages, positioned at $8.50 and $8.60 respectively, supporting a mildly bullish medium-term picture. However, the token remained below the 200-day EMA at $9.56, limiting the current advance. The 61.8% Fibonacci retracement at $9.39 served as immediate support. Momentum indicators remained constructive, with the Relative Strength Index near 67, approaching overbought conditions at 70.
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