Chainlink (LINK) price looks set for a positive start to October after delivering a stellar 30% upswing this month. However, the underlying on-chain market data reveals mixed signals. 

After a successful tokenization test with SWIFT in early September, Chainlink also announced the mainnet launch of its Cross-Chain Interoperability Protocol on Wednesday.

Can the bullish speculative traders capitalize on these landmark product advancements to overpower the bearish whales in October? 

Speculative Traders are Pining For a Positive Start to October

Chainlink price has delivered 30% gains this month, rising from $5.80 on August 31 to $7.90 on September 28. But despite the double-digit percentage gains, bullish traders in the LINK Derivatives markets are gunning for more profit in October. 

According to data compiled from CoinAlyze, Chainlink Open Interest stood at $91 million at the close of September 17. But since then, it has increased to $182 million as of September 28.

This shows that speculative traders have dialed in additional capital inflows of $91 million within the last 10 trading days.

Open Interest summarizes the total value of active derivatives contracts for an asset across various Futures trading platforms. An uptrend in Open Interest is a bullish signal, indicating an influx of new investors bringing fresh capital into the market. 

When Open Interest rises persistently, it suggests a prevailing belief among market participants that the current price direction will remain dominant.

If this expectation holds true, the LINK price could extend its bullish performances into October and beyond.