- Chainlink could dip to $17 as high-leverage trades may lead to a market correction.
- Cardano is on track to hit $0.85 as buying momentum builds despite short-term volatility.
- Sui might retrace to $3.3 after a sharp surge as profit-taking increases price pressure.
Chainlink (LINK) has witnessed a rise past $50, cooling off near $40, with open interest surging beyond $1.2 billion, according to Coinglass. The derivatives activity suggests excessive leverage, pointing to a market correction. Price retracement levels indicate a likely pullback to $17, aligning with key historical support zones.
Source: Coinglass
Since mid-October, LINK’s price climbed from $10, driven by demand and leveraged positions. However, past cycles show that spikes in open interest precede corrections as leveraged long positions face liquidation risks. If selling pressure intensifies, LINK could retrace toward the $17-$20 range before stabilizing.
The Derivatives data reveal increased trade volume, but funding rates have begun to decline. This signals that bullish momentum may be weakening. If liquidations accelerate, a price drop toward $17 could unfold before the next upward leg.
ADA Targets $0.85 Before a Push Toward $1.50
Cardano (ADA) is trading at $0.7815, reflecting a 2.64% gain in seven days, with a $27.5 billion market cap marking a 0.52% increase. However, 24-hour trading volume stands at $1.18B, showing an 8.59% decline, indicating a slowdown in trading activity. Despite this, ADA’s market structure suggests a short-term rally toward $0.85, a level that could be reached, tentatively by this week, before further upside toward $1.50.
Source: CoinMarketCap
ADA’s fully diluted valuation (FDV) is $35.19 billion, and its circulating supply of 35.19 billion ADA ensures steady liquidity. CoinMarketCap data reveals a 4.36% volume-to-market-cap ratio, highlighting active participation. The recent breakout from $0.75 confirms bullish sentiment, making $0.85 a near-term resistance. If ADA maintains momentum, surpassing $0.85 is likely before the weekend, potentially setting the stage for a larger rally toward $1.50 as market confidence strengthens.
Related: Top 5 Real World Asset (RWA) Tokens Making Waves – Next Price Target?
SUI Shows Signs of Retracement to $3.3 After a 10% Surge
Sui (SUI) has gained +10% in the last 24 hours, reaching $3.57, while maintaining a +259% rally over five months. The sentiment data from the X platform highlights a bullish outlook, with positive commentary outpacing negative sentiment at a 5:1 ratio, marking the highest optimism in five months. However, technical patterns suggest a retracement to $3.3 before the weekend.
Source: X
Sunday’s market activity indicated signs of manipulation, followed by a 28% price jump from Monday to Wednesday. Further, the candle closed within a supply zone on Wednesday, signaling selling pressure. Historically, similar formations have led to downward corrections, and if momentum slows, SUI could dip to $3.3 as traders lock in profits.
Despite strong long-term fundamentals, liquidity risks remain. Excessive FOMO-driven buying could trigger a pullback, delaying organic accumulation. Traders should monitor key support levels, as the dip could precede another upward move.
