Cryptocurrency traders usually ride price trends, opening short positions when the market is bearish and long positions in bull runs. This creates the perfect scenario for profitable long and short squeezes orchestrated by whales and market makers.
Essentially, traders commit to a liquidation price above current levels when they open short positions, betting the cryptocurrency will plummet. If the asset pumps instead, it may reach the liquidation price and close the traders’ positions.
In particular, a short squeeze is made of a series of such liquidations. They force the price upward, clearing the available liquidity pools and rewarding the makers.
Short squeeze alert for Chainlink (LINK)
Notably, Chainlink (LINK) has seen an increase in opened short positions in the last 24 hours, creating upward liquidity pools. Finbold retrieved this data from CoinGlass’s liquidation heatmap on February 16.
The most likely target is $20.60 per LINK, with $595,560 worth of liquidations at this p
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