Chainlink has seen long contracts pile up on Binance during the past day, which may lead toward a top for the cryptocurrency.
Chainlink Funding Rate On Binance Has Turned Highly Positive
According to data from the on-chain analytics firm Santiment, the Chainlink funding rate on Binance has now reached the highest level in about four weeks. The “funding rate” refers to the periodic fee that derivative traders on any given platform are exchanging with each other right now.
When the value of this metric is positive, it means that the long holders are currently paying a fee to the short investors in order to hold onto their positions. Such a trend suggests a bullish mentality is dominant on the platform.
On the other hand, negative values imply a bearish sentiment is shared by most LINK traders on the exchange as the shorts outweigh the longs.
Now, here is a chart that shows the trend in the Chainlink funding rate on cryptocurrency exchange Binance over the last few months:
As display
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