Chainlink (LINK) rose 8% on August 15 to hit $9.56. At the same time, open interest increased by 16%, and $1.5 million flowed into the Bitwise ETF. One analyst suggested that the price could rise to $20.
Key takeaways
As LINK climbed 15% over the past week, derivatives trading expanded rapidly.
Futures trading volume surged 123.4% to about $1 billion, and open interest rose to $694.39 million.
About $1.5 million in net inflows on a weekly basis went into the Bitwise Chainlink ETF.
Chainlink derivatives trends
Chainlink’s rally unfolded alongside a surge in futures trading. According to Coinglass data, futures trading volume rose 123.4% to about $1 billion, while open interest increased 16% to $694.39 million.
In the rising phase, traders actively expanded their LINK holdings positions. No specific data regarding options positions was disclosed.
The spot market also gained momentum. LINK rose 15% over the recent seven days, and its market capitalization grew to around $7.15 billion. It outperformed several major assets during this period, while Bitcoin (BTC) continued to trade in a range around the $63,000 level as the broader market went through a correction phase.
Related article: Bitcoin sell-off intensifies, with reserves increasing across the three major exchanges
Chainlink outlook
Meanwhile, Bitwise’s Chainlink ETF saw an additional inflow of about $1.5 million on a weekly basis, confirming demand to gain regulated exposure to LINK without holding the token directly. Bitwise CEO **Hunter Horsley** emphasized that institutional and investor interest in Chainlink’s role in on-chain financial infrastructure is gradually increasing.
Chainlink is an oracle network that connects blockchain applications to external price data and traditional financial systems.
Based on a 4-hour candlestick chart, LINK’s price is nearing the upper end of the rising channel, with the Relative Strength Index (RSI) at 60 and the Chaikin Money Flow (CMF) indicating 0.18.
Technically, if LINK breaks upward through $10, the next resistance levels being discussed are around $10.50 and $11. Conversely, if it fails to break above the resistance level, the price could see a revisit of the $9.50 area and potentially a recheck of the $9 support zone.
The analyst cited in the report said LINK has the potential to rise to as high as $20 in the medium to long term. However, no specific timing was provided, and this level is far above the near-term resistance range.
This upswing extends the momentum from when crypto prices were pressured by higher volatility across the broader market, and LINK then staged a recovery rally of about 15% over one week. The question now is whether this combined momentum—driven by stronger derivatives positioning and ETF demand—will help keep LINK anchored above the $10 level, or whether the rebound will end with the August 15 uptick.
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