Chainlink (LINK) shows signs of recovery after recent decline, rising over 3% to around $8.76. On-chain data indicates accumulation behavior, with approximately 331,000 LINK tokens redeemed from exchanges within the past 48 hours. Derivatives market sentiment is bullish, with the long-short ratio reaching a one-month high of 1.06, and a large number of long positions are clustered around the $8.60 support level. Although the price remains within an upward channel, if the $8.19 support holds, there is potential to test the $10 level. However, the overall trend remains weak, suggesting market momentum is cautious and lacks conviction.