Key Highlights
- LINK currently trades near $9.49 with a 1.31% daily increase and $7.1 billion market capitalization
- Technical analysts have identified a bullish pennant formation with potential breakout toward $10
- Bitwise acquired 171,870 LINK tokens valued at $1.708 million through Coinbase and Wintermute transactions
- Spot Chainlink ETFs registered consecutive daily inflows exceeding $3.5 million combined
- LINK-denominated open interest reached approximately 29 million, marking the highest level since before October’s market liquidation event
Chainlink (LINK) is currently changing hands at approximately $9.49 following a modest 1.31% increase over the last day. The digital asset has generated $254 million in 24-hour trading activity while maintaining a $7.1 billion market valuation.
The token escaped its sideways trading range roughly seven days ago, establishing support above the $8.10 threshold. LINK subsequently peaked at $9.70 before retracing to its present price zone.
Market technicians have observed a bullish pennant developing on LINK’s chart. This continuation pattern emerges when an asset consolidates following an aggressive upward movement, with buying pressure temporarily easing while sellers maintain limited control.
Market analyst Quinten identified this technical formation, suggesting that a decisive move above the pennant’s upper trendline could spark another rally phase. He emphasized that substantial trading volume accompanying any breakout would reinforce the likelihood of LINK testing the $10 psychological barrier.
Growing Institutional Appetite Reflected in ETF Data
Spot Chainlink exchange-traded funds have registered positive net inflows across two straight trading sessions. Data from SoSoValue indicates that August 17 saw $2.07 million in fresh capital, building on the previous week’s $1.47 million inflow.
Bitwise emerged as the primary contributor to this institutional demand. The asset manager’s Chainlink ETF accumulated 171,870 tokens through systematic purchases from Coinbase and Wintermute spanning six trading days. These acquisitions totaled $1.708 million, bringing Bitwise’s total holdings to 3.092 million LINK, currently worth approximately $30 million.
Exchange netflow data reveals a negative reading of -$1.4 million, indicating more tokens departed centralized platforms than arrived. Historically, such withdrawal patterns have correlated with upward price pressure.
Trading expert Michaël van de Poppe weighed in on LINK’s market structure, suggesting a potentially significant move ahead. He observed that the token is clearing important moving averages on extended timeframes while displaying bullish divergences, indicators that could signal the conclusion of a multi-year downward trend.
Futures Market Activity Suggests Growing Confidence
Open interest denominated in LINK tokens has expanded to approximately 29 million units, eclipsing levels observed prior to the October 10 liquidation cascade. When measured in USD terms, open interest currently stands at $279 million, though this remains considerably beneath the pre-correction peak of $555 million.
Funding rate metrics continue displaying positive values, demonstrating that derivatives traders are maintaining net long exposure. The previous open interest record reached 34 million LINK during August 2025.
Additional technical momentum indicators support the bullish thesis. The Positive Directional Index has advanced to 33, while the Average Directional Index climbed to 30, and the Aroon Up indicator registers at 78. Maintaining price action above the $9 level remains critical for preserving this constructive technical framework.
