Chainlink (LINK) is currently trading near $9.49, recording a modest 1.31% price increase over the last 24 hours. The token logged $254 million in daily trading volume with a circulating market capitalization of $7.1 billion.
Technicals point to bullish continuation
LINK managed to break out of its recent consolidation zone about a week ago, establishing a short-term support line above $8.10. The cryptocurrency climbed to a local high at $9.70 and has since pulled back slightly to trade just below $9.50.
Technical analysts have identified a bullish pennant formation on the LINK chart. This chart pattern typically forms after a sharp price move when the asset consolidates within converging trendlines. Such patterns are usually considered continuation signals, indicating the potential for renewed upward momentum if a breakout occurs.
Quinten, a market analyst, highlighted that a strong move above the pennant’s upper boundary, accompanied by rising volume, could activate another rally and push LINK toward the $10 psychological resistance.
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AAPLQuinten suggested that increased trading volume during a breakout would strengthen the likelihood of LINK challenging the $10 barrier, noting this area as an important psychological level for the market.
Rising institutional demand and ETF inflows
Spot Chainlink exchange-traded funds (ETFs) have reported consecutive daily inflows, attracting over $3.5 million in new capital across two trading sessions. SoSoValue data shows $2.07 million entered LINK ETFs on August 17, following a $1.47 million addition the previous week.
Bitwise, one of the largest crypto asset managers, accounted for the majority of these purchases. Over six consecutive trading days, Bitwise acquired 171,870 LINK tokens, valued at $1.708 million, through transactions routed via Coinbase and liquidity provider Wintermute. This move increased Bitwise’s total LINK holdings to 3.092 million tokens, currently worth about $30 million.
Net exchange flows showed a negative balance of -$1.4 million, meaning more LINK was withdrawn from centralized platforms than deposited. Historically, such outflows have aligned with upward price movements as tokens move to long-term storage away from exchanges.
Michaël van de Poppe, a trading expert, pointed out that LINK has broken through major moving averages on higher timeframes and is showing multiple bullish divergences. He argued these factors could imply that LINK is nearing the end of its four-year downward cycle.
Michaël van de Poppe remarked that breaking above key moving averages, together with the emergence of strong bullish divergences, may signal the possible conclusion of LINK’s prolonged bear trend.
Derivative markets show renewed confidence
Open interest in LINK-denominated derivatives climbed to about 29 million tokens, the highest level since before the widespread market liquidation experienced in October of the previous year. In dollar terms, open interest stands at $279 million, although this remains below the $555 million peak set prior to the correction.
Funding rates for LINK futures continue to hold in positive territory, reflecting a majority of traders maintaining long positions. This metric last reached comparable levels in August 2025, when open interest peaked at 34 million LINK.
Technical indicators present further grounds for optimism. The Positive Directional Index is at 33, the Average Directional Index is at 30, and the Aroon Up indicator reads 78. Technical specialists emphasize the importance of LINK sustaining a price above $9 to retain the present positive trend structure.
| Metric | Latest Value | Reference/Previous Peak |
|---|---|---|
| LINK price | $9.49 | $9.70 recent high |
| Open interest | 29 million LINK ($279 million) | 34 million LINK ($555 million) |
| ETF inflows (2 days) | $3.54 million | N/A |
| Bitwise purchases (6 days) | 171,870 LINK ($1.7 million) | Increased total LINK holdings to 3.092 million |
Bitwise is a digital asset manager recognized for developing and managing cryptocurrency investment products, including ETFs that track major cryptocurrencies like Chainlink.
Mini dictionary: Bitwise, a US-based digital asset management firm, is prominent in offering managed funds and spot ETFs for cryptocurrencies, enabling institutions and individual investors to gain exposure to digital assets without directly holding tokens.
