The SuperTrend indicator on Chainlink’s daily chart has issued a buy signal, pointing to a potential momentum reversal. This indicator relates to a recent slight surge in LINK, during the Asian trading session, the digital asset opened the market with a price value of $14.84. At the moment, the price action was struggling for a boost, as of the latest update, LINK has noted $0.64% uptick.
SuperTrend indicator flips bullish on the daily timeframe
The SuperTrend tool evaluates market momentum using volatility and trend direction, with the recent market trend hinting at bullishness for Chainlink. This flip surrounded by prior selling pressures somehow holds an anticipation that might turn a new trend. The outlook was taken from the daily chart, which generally presents the medium-term signals about the price change.
To understand this formation deeper, a dive into Ali Charts analysis indicates that Chainlink triggered a SuperTrend buy signal near the $14.99 price level. The signal followed a consistent upward move that began after reaching a low near $11.00 in April.
Previous SuperTrend activity marked a sell signal in February, initiating a prolonged downward trend. Price action remained below the SuperTrend cloud for nearly two months. The most recent candles closed above the SuperTrend band, indicating a potential shift in directional structure.
Chainlink open interest and current price trend
Open interest, a metric that determines the futures of a digital asset, has recorded a varied movement over time. According to Coinglass data at the time of press, Chainlink’s futures open interest stood at $607.39 million. The open interest showed a significant rise compared to earlier levels seen in April.
Open interest declined sharply from above $1 billion throughout late March and early April. A period of low activity followed, with open interest stabilizing below $400 million for several weeks. Recent data showed a sharp resurgence in open interest, pushing it back above the $600 million mark.
On the other hand, CoinMarketCap data indicates that LINK exchanges at a price value of $15.10, showing a 0.64% daily price increase. The market cap reached $9.92 billion, while 24-hour trading volume stood at $342.84 million.
The price movement was accompanied by 13.82% volume growth. Chainlink’s fully diluted valuation is currently $15.1 billion. The circulating supply remains at 657.09 million LINK, with a total supply of 1 billion LINK.
