Chainlink's price jumped 4.29% to $8.22 during its latest trading session as buyers returned to the cryptocurrency market.
The token's short-term momentum remains positive, with a 7% rise over the past week.
Open interest in Chainlink derivatives rose 10%, and trading volume surged 18.34% to $337.08 million, indicating increased participation from traders.
According to Coinglass data, the joint increase in open interest and trading volume suggests a growing market with traders setting up for potential price changes.
A break above the short-term rising channel could clear the way for Chainlink's price to reach $9.00, potentially targeting the long-term forecast of $10.00.