TLDR
- Chainlink (LINK) is retesting a recently broken resistance level after recovering from a mid-September correction.
- Analyst Investor Jordan called the current price area a “line in the sand,” with $15 as the upside target.
- LINK bounced from around $12.11 to about $12.70 and now trades near its 20-period moving average.
- CoinGlass data shows open interest rose 5.86% to $679.84 million while trading volume fell 31.95%.
- Paxos Labs launched PAXGy, a gold-backed token that uses Chainlink’s CCIP and price feeds.
Chainlink (LINK) is retesting a key price level after recovering from a sharp correction in mid-September. The token now trades near $12.70.
Traders are watching whether LINK can hold this area and push toward $15.
Crypto analyst Investor Jordan said in a post on X that LINK traded in a range for more than a month before breaking higher. He called the current price area a “line in the sand.”
According to Investor Jordan, a successful defense of this level could open a path toward $15. Losing it could send LINK back to its weekly support zone and previous trading range.
LINK Price Swings on the Four-Hour Chart
TradingView data shows LINK has moved between support near $10.50 and a peak around $13.50 on the four-hour chart. This wide range has shaped recent price action.
After the mid-September drop, LINK hit a low around September 17. It then recovered to about $13.44 before sellers stepped in.
The price fell back to around $12.11. It later bounced toward $12.70.
Momentum indicators show a mixed picture. The four-hour MACD line sits at 0.008, below the signal line at 0.090, giving a negative histogram reading.
This shows bearish momentum is still present after the pullback. However, buyers have stepped in around the $12.11 area, which may point to seller exhaustion.
Derivatives Data and Network Growth
CoinGlass data shows LINK trading volume dropped 31.95% to $521.27 million. Open interest rose 5.86% to $679.84 million over the same period.
Rising open interest alone does not show whether traders are betting on higher or lower prices. It can signal that traders are positioning for a larger move.
Chainlink’s network continues to grow in real-world assets and cross-chain tools. In a post on X, Chainlink shared that Paxos Labs launched PAXGy, a gold-backed token built on the PAX Gold (PAXG) platform.
According to Chainlink’s post, PAXGy is designed to generate gold-based yield and uses Chainlink’s Cross-Chain Interoperability Protocol (CCIP) exclusively. Chainlink price feeds provide on-chain pricing for the asset.
LINK is currently trading near its 20-period moving average on the four-hour chart. The price sits between recent support at $12.11 and resistance near $13.44.
A move above resistance would put the $15 target in focus. A drop below $12.11 would bring the earlier trading range back into play.
