Chainlink (LINK) shows signs of bullish breakout amid rising open interest

Chainlink (LINK) is showing signs of a potential bullish breakout as it consolidates within a bullish pennant pattern. Analysts note that the token is currently trading around $9.49, with a market capitalization of approximately $7.1 billion.

Data from Santiment Intelligence indicates a surge in derivative trading, with LINK-denominated open interest reaching nearly 29 million LINK. This marks a significant recovery, as the open interest in terms of token quantity has returned to levels seen prior to the market liquidation event on October 10. While the price remains significantly lower than its October local highs, the increase in leverage and positive funding rates suggest strengthening buying pressure and a potential move toward the $10 resistance level.