Chainlink (LINK) has seen a 30% increase in price this month, rising from $5.80 to $7.90. Despite this, speculative traders are hoping for even more gains in October. Open Interest, which measures the value of active derivatives contracts, has increased from $91 million to $182 million in the last 10 trading days. This indicates that new investors are entering the market with fresh capital, which could lead to further bullish performances for Chainlink in October and beyond.
However, as the price approaches key resistance levels, whale investors have started booking profits. The number of tokens held by whale investors has decreased by 1 million since the price hit $7. While selling activity from whales often drives prices down, the chart shows that Chainlink’s price has continued to rise despite this pressure.
Considering the successful product launches and partnerships supporting Chainlink’s rally, it is possible that the price could reach $11. The entry price distribution data also suggests that if Chainlink surpasses the sell-wall at $8, speculative traders could drive prices towards $11. However, if the price retraces below $5, it could trigger a prolonged downswing towards that level.
Overall, it seems that speculative traders currently have the upper hand, but if the whales change their bearish stance and become bullish again, the price could reach $11.
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