Chainlink rebounds – Could $18 be LINK’s next stop? Assessing…

Key Points

1. Chainlink's price rebounded from the $12.50 support level, trading around $13.50, with historical upward momentum from this level.

2. Spot market data indicates dominant buy-side activity, suggesting bullish sentiment if LINK sustains above $12.50.

3. On-chain metrics show mixed signals: Active Addresses increased by 6.42%, but new addresses declined by 2% and Zero-Balance Addresses surged 11.68%.

4. Derivatives interest rose, with trading volume up 40.49% and Open Interest climbing 11.60%, while Binance data shows 68.32% of traders holding long positions.

5. If current trends persist, LINK could attempt a move toward the $18 resistance level.