Key Highlights
- LINK maintains a price of approximately $9.49, reflecting a 1.31% increase over 24 hours, with total market capitalization reaching $7.1 billion
- Technical analysis reveals a bullish pennant formation, with market watchers anticipating a potential move toward the $10 threshold
- Bitwise acquired 171,870 LINK tokens valued at $1.708 million through transactions with Coinbase and Wintermute across a six-day period
- Chainlink Spot ETFs experienced positive net inflows across two successive trading days, accumulating more than $3.5 million
- LINK-denominated open interest surged to approximately 29 million, marking the highest level recorded since the October liquidation event
Chainlink (LINK) is currently exchanging hands near $9.49 following a 1.31% uptick over the last day. Trading volume for the token reached $254 million during this timeframe, while its market capitalization stands at $7.1 billion.
Approximately one week ago, LINK emerged from a consolidation phase and successfully maintained support above the $8.10 level. The token subsequently rallied to $9.70 before experiencing a pullback and stabilizing around present price levels.
Currently, the asset is developing a bullish pennant configuration on its chart. This technical formation generally emerges when prices consolidate following a significant upward movement, creating a period where buying pressure pauses temporarily.
Market analyst Quinten identified this pattern, noting that a decisive move above the pennant’s upper resistance could catalyze additional upside momentum. Should this breakout occur alongside elevated trading volumes, it would bolster the argument for LINK advancing toward the $10 mark.
Growing Institutional Participation Through ETF Flows
Chainlink Spot ETFs have registered positive net inflows during two back-to-back sessions. Data from SoSoValue indicates that on August 17, inflows totaled $2.07 million, building upon the $1.47 million recorded during the previous week.
Bitwise emerged as the primary contributor to this momentum. Its Chainlink ETF accumulated 171,870 LINK tokens from Coinbase and Wintermute throughout a six-day span. These acquisitions totaled $1.708 million in value. The fund’s holdings have now expanded to 3.092 million LINK, representing approximately $30 million in assets.
Additionally, spot netflow data showed a negative reading of -$1.4 million, indicating that more LINK tokens departed from exchanges than were deposited. Historically, such outflows have correlated with positive price movement.
Market analyst MichaĆ«l van de Poppe offered commentary on LINK’s trajectory, suggesting the potential for substantial upside. He observed that LINK is pushing above critical moving averages on extended timeframes while displaying bullish divergences, indicating the token may be concluding a four-year bearish trend.
The significance of this move on $LINK might be enormous.
It’s breaking above the MA’s on this higher timeframe and there are massive bullish divergences.
This might indicate that it’s finally ending a 4-year long downtrend. pic.twitter.com/PZyLvL94iG
ā MichaĆ«l van de Poppe (@CryptoMichNL) August 16, 2026
Derivatives Markets Indicate Strengthening Conviction
Open interest denominated in LINK tokens has climbed to nearly 29 million LINK, exceeding the levels observed prior to the October 10 liquidation cascade. When measured in dollar terms, open interest currently registers at $279 million, though this remains significantly beneath the pre-crash maximum of $555 million.
Funding rates continue to maintain positive territory, demonstrating that market participants are predominantly positioned long. The prior peak for open interest stood at 34 million LINK, established in August 2025.
Technical momentum indicators are similarly constructive. The Positive Directional Index has advanced to 33, while the ADX reached 30, and the Aroon Up indicator reads 78. For the bullish thesis to remain intact, LINK must preserve support above the $9 threshold.
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