In their latest press release, Nasdaq and CME Group announced the launch of the Nasdaq CME Crypto Index. This index focuses on major digital assets such as Bitcoin, Ethereum and Chainlink.
For LINK, this update comes at a technically delicate time. And this could affect the directional movement of the altcoin in the near future.
How to Address a Key Market Gap
At the time of writing, the altcoin price was returning to a key area of market imbalance around $13. This price level served as a launching pad during LINK’s previous rallies.
As price moved back into this area, the selling pressure began to show signs of exhaustion, presenting the market gap as a key imbalance area for the expected reversal. In fact, buyers seemed to be testing the waters rather than rushing in.
That’s not all, as momentum indicators also seem to reinforce this point. On the charts, the Stochastic RSI was drifting towards oversold territory – an area often associated with seller exhaustion.
In most cases, when the stochastic RSI reaches such levels amid broader market stability, reversals become increasingly likely.
Source: TradingView
On-chain metrics observations
Meanwhile, on-chain activity added another layer to the story.
LINK’s circulating token turnover increased by approximately 5% over the past 24 hours. Usually, an increase in circulating turnover during a retracement phase is a sign of tactical positioning by investors, rather than panic selling.
In the case of LINK, the increase in activity suggests that participants may be preparing for a directional move.
Source: Token Terminal
Everything about the $15 liquidity cluster
AMBCrypto’s analysis of the token’s liquidity data also indicated a clear near-term focus. Data from LINK’s liquidity heatmaps revealed a notable liquidity cluster worth around $1.32 million sitting near the $15 level.
These clusters tend to act as price magnets. If momentum builds from the $13 area, this liquidity zone could become the next target.
Source: Coinglass
Here, the institutional angle cannot be dismissed either. Nasdaq partners with CME for the launch of this index places Chainlink at the heart of regulated finance.
More importantly, LINK sitting in the same basket as Bitcoin and Ethereum changes the narrative. It is no longer just another experimental altcoin. Instead, it’s starting to look like part of the basic infrastructure of crypto.
Even so, the price table always has the last word. LINK must stay above the daily imbalance zone to keep the anticipation of a reversal alive.
Final Thoughts
- LINK stabilized near $13 as institutional headlines arrived at a technically sensitive imbalance zone.
- Significant liquidity near $15 makes this a key target if momentum confirms a reversal.
