Chainlink Price Consolidation Ahead of Key Breakout

Chainlink's price action has been characterized by a tightening range, signaling potential for increased volatility. The cryptocurrency has been trading between $8.5 and $10, with buyers showing early strength through higher lows formation.

The open interest has dropped to around $380 million, indicating reduced leverage in the market. Spot flow data shows consistent outflows exceeding inflows, highlighting ongoing sell-side pressure.

Price remains below major moving averages, maintaining a bearish structure. However, recent candles show early recovery attempts as buyers slowly step in.