Key Highlights
- Chainlink is currently priced at $9.49, reflecting a 1.31% increase over 24 hours with a $7.1 billion market valuation
- Technical charts show a bullish pennant consolidation, positioning LINK for a potential surge past $10
- Bitwise accumulated 171,870 LINK tokens valued at $1.708 million through Coinbase and Wintermute across a six-day period
- Chainlink ETFs registered positive net flows on back-to-back days, bringing in more than $3.5 million combined
- LINK-based open interest reached approximately 29 million tokens, marking the highest level since the October liquidation event
Chainlink (LINK) is currently exchanging hands near $9.49 following a 1.31% uptick during the last day of trading. The digital asset recorded $254 million in 24-hour volume while maintaining a $7.1 billion market capitalization.
Approximately one week ago, LINK exited its consolidation phase and maintained support above the $8.10 threshold. The token advanced to a peak of $9.70 before retracing to its present trading zone.
Technical analysis reveals that LINK is now developing a bullish pennant configuration. This chart pattern emerges when an asset consolidates following a robust upward movement, characterized by temporary buyer hesitation amid ongoing seller presence.
Market analyst Quinten identified this formation, emphasizing that a decisive break above the pennant’s upper trendline could catalyze additional upside momentum. Should the breakout occur alongside elevated trading volumes, LINK’s path toward the $10 mark would gain substantial credibility.
Exchange-Traded Fund Activity Reflects Growing Institutional Demand
Chainlink-focused spot ETFs posted positive net inflows across two back-to-back trading sessions. August 17 saw $2.07 million in fresh capital, building on the previous week’s $1.47 million intake, per SoSoValue tracking data.
Bitwise emerged as the primary driver behind this institutional interest. The firm’s Chainlink ETF acquired 171,870 tokens from Coinbase and Wintermute throughout a six-day purchasing window. These acquisitions represented $1.708 million in total value. Bitwise’s ETF currently maintains 3.092 million LINK, translating to approximately $30 million at current prices.
Exchange netflows turned negative at -$1.4 million, indicating tokens are being withdrawn from trading platforms at a higher rate than deposits. Historically, such outflows have correlated with upward price pressure.
Market commentator MichaĆ«l van de Poppe analyzed LINK’s current trajectory, suggesting significant upside potential. He highlighted that LINK is breaking through critical moving averages on extended timeframes while displaying bullish divergences, potentially signaling the conclusion of a four-year bearish trend.
Futures Market Metrics Indicate Strengthening Bullish Sentiment
Open interest denominated in LINK surged to approximately 29 million LINK tokens, eclipsing levels witnessed prior to October 10’s major liquidation cascade. When measured in USD terms, open interest currently registers at $279 million, though this remains considerably below the pre-crash apex of $555 million.
Funding rates across derivatives platforms maintain positive territory, confirming that market participants are predominantly positioned for upward movement. The all-time high for LINK open interest reached 34 million tokens, established in August 2025.
Supporting technical metrics also demonstrate bullish alignment. The Positive Directional Index advanced to 33, while the Average Directional Index strengthened to 30, and the Aroon Up indicator stands at 78. Sustaining price action above the $9 support level remains essential for preserving this constructive technical framework.
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