Chainlink price hits 3-year high as open interest spikes to all-time high
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 Chainlink
link
0.81%
Chainlink 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.
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.”
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.
