Derivatives activity surges alongside August price recovery Open interest on @chainlink futures reached approximately $277 million on Sunday, the highest level in at least six months, accordi
Open interest on @chainlink futures reached approximately $277 million on Sunday, the highest level in at least six months, according to Santiment data. The metric measures capital held in active derivative positions and has risen sharply alongside $LINK's recovery through August.
The token was trading near $9.54 at the time of the reading, up from lows of around $7 in late June. That recovery has continued into the week. Chainlink rallied over 7% in a single 24-hour period, trading close to $9.48, with a daily range of $8.76 to $9.72.LINK has climbed 12.3% over the past seven days and holds a market cap of roughly $6.97 billion.
In derivatives markets, rising open interest alongside a rising price is typically interpreted as new capital entering the market rather than short positions being unwound. That distinction matters: short covering can produce sharp but short-lived price spikes, while fresh long positioning tends to indicate stronger underlying conviction among traders.
The broader derivatives picture supports that reading. Open interest has climbed 16% to $694.39 million across platforms, with the two gains together indicating that new capital came into LINK's derivatives market.Derivatives trading volume also climbed 52.33% to $524.77 million.
On-chain signals have added to the bullish narrative. Analyst Ali Charts pointed to an MVRV golden cross that has historically preceded major LINK rallies, including a 155% gain in November 2024 and an 85% gain in July 2025.Whale transactions worth more than $1 million also surged from roughly 1 to 15 within a 96-hour window.
Analysts are watching the $10 level closely as the next key threshold. A breakout above $10 could open the door to $10.50 and $11 next. Crypto analyst Michaël van de Poppe has flagged $10.87 and $11.40 as the next meaningful resistance levels above current prices.
Sources:Blockonomi: Chainlink weekly gain reaches 10% as open interest risesCoinGape: Chainlink price forecast as open interest surges 16%BeInCrypto: Chainlink bull market returns as analyst targets $11
