Chainlink(LINK) rose 8% to $9.56 on Aug. 15 as open interest climbed 16%, Bitwise ETF inflows reached $1.5 million, and an analyst projected $20. Key Points: LINK gained 15% over the past wee
Chainlink(LINK) rose 8% to $9.56 on Aug. 15 as open interest climbed 16%, Bitwise ETF inflows reached $1.5 million, and an analyst projected $20.
- LINK gained 15% over the past week while derivatives activity accelerated.
- Open interest reached $694.39 million as futures volume jumped 123.4% to about $1 billion.
- Bitwise's Chainlink ETF drew about $1.5 million in weekly inflows.
Chainlink's rally coincided with a sharp increase in futures activity, with Coinglass data showing trading volume up 123.4% to about $1 billion and open interest rising 16% to $694.39 million.
Traders expanded outstanding LINK positions during the move. No options data was provided.
Spot performance also strengthened, with LINK up 15% over seven days and its market capitalization reaching about $7.15 billion. The token outperformed several large-cap assets while Bitcoin(BTC) traded near $63,000 during broader market consolidation.
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Separately, Bitwise's Chainlink ETF attracted about $1.5 million in weekly inflows, showing demand for regulated exposure to LINK without direct token ownership. Hunter Horsley, Bitwise's chief executive, also pointed to growing investor interest in Chainlink's role within on-chain finance. Chainlink connects blockchain applications with external market data and financial systems.
A four-hour LINK chart placed the price near the top of an ascending channel, with the Relative Strength Index at 60 and Chaikin Money Flow at 0.18.
A break above $10 could put $10.50 and $11 in view, while rejection may send the token back toward $9.50 and then the $9 support area.
An analyst cited in the report projected LINK could eventually reach $20, although no timeframe was specified. That target remains far above the immediate resistance levels.
The latest move follows a 15% weekly recovery after broader cryptocurrency volatility pressured prices across the market. LINK's next test is whether stronger derivatives positioning and ETF demand can carry the token through $10 instead of leaving the Aug. 15 advance as a temporary rebound.
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