Tezos has seen some strong price action in recent weeks, with its price facing some choppy trading throughout the past couple of days.
It appears that the cryptocurrency’s recent price action has become decorrelated from that seen by Bitcoin and the rest of the market, and is showing some striking similarities to that seen by Chainlink over the past few days.
Analysts are now widely noting that its strong market structure should be enough to propel it higher in the days and weeks ahead.
Traders seem to be taking notice of this, as XTZ open interest on popular trading platform Bitfinex recently soared to a fresh all-time high.
96% of this total open interest is composed of long positions – showing that traders are overwhelmingly confident that further upside is imminent.
Tezos Posts Strong Price Action as It Rests Above Key Support
At the time of writing, Tezos is trading up roughly 5% at its current price of $3.02. This is around the price at which the cryptocurrency has been trading throughout the past day.
This weekend, XTZ peaked at highs of $3.15 before…