Chainlink (LINK) price has shot up roughly 21% in the 12 hours. This massive but sudden uptick has caught many investors off guard. As a result, CoinGlass data shows that roughly $3.78 million worth of positions were liquidated in the last 12 hours. Out of these, $3.38 million worth of futures positions belonged to the bears, aka short positions, while only $406,000 worth of long positions were wiped off.
LINK liquidation, Souce: Coinglass.
Chainlink (LINK) price shows a clear sign of bullish momentum, which has propelled it by 21% in the last 12 hours. This uptrend is likely to collect the buy-side liquidity resting above $9.86 and potentially tag the $10 psychological level.
This move would constitute a 16% gain from $9.09, which is the current position that LINK is trading at. Beyond the said level, Chainlink price will face the $15.57 hurdle. Buyers need to make sure this resistance level is flipped into a support floor before betting on a continued rally.
A weekly candlestick close above $15.57 hurdle could extend the Chainlink price rally to $29.12.
LINK/USDT 1-day chart, Souce: TradingView.
On the contrary, if this weekend rally was a fluke and investors resort to profit-taking, it would trigger a sell-off. In such a case, a weekly candlestick that undoes the recent gains and produces a candlestick close below $7.69 will invalidate the bullish thesis.
This move would bring Chainlink price back to pavilion and potentially catalyze a steep 9% correction to $7.03.
