Chainlink Price Hits 3-Year High Amid Record Futures Open Interest
Chainlink emerged as one of the big gainers in the market on Thursday, reaching $29.45, a level not seen since January 2022. Its rise shows a fast-improving ecosystem and strong interest among institutional investors.
After adding another 20% over the last week alone, LINK has more than trebled in price within the past 30 days.
Institutional Demand Drives LINK’s Price Surge
Institutional interest has been a key driver in LINK’s price spike. According to the analytics platform Glassnode, LINK’s futures open interest (OI) reached an all-time high of $770.27 million, with direct competitors such as Toncoin (TON) and TRON (TRX) coming in much lower at $259 million and $356 million, respectively.
This unprecedented demand is a vote of confidence by investors in Chainlink’s long-term potential. One notable example is Trump-backed World Liberty Financial, aka WLFI, which snapped up 41,335 LINK tokens for $1 million at an average of $24.19.
Chainlink Whale Activity Signals Optimism
Whales—large investors holding significant amounts of cryptocurrency—have been instrumental in driving LINK’s price momentum. Over the past two months, wallets holding over 100,000 LINK tokens accumulated 5.69 million of the coin, according to data analytics platform Santiment.
In contrast, smaller holders sold 5.67 million coins during the same period. This dynamic reflects a positive trend, as whale accumulation often signals heightened confidence in an asset.
Moreover, LINK supply on exchanges has reduced greatly, dropping 254.4 million over the past week. A lower exchange supply hints at weak selling pressure and strong demand from long-term holders.
Chainlink’s Partnerships
Meanwhile, the Chainlink ecosystem keeps growing through pioneering partnerships and integrations that extend its lead in the blockchain and DeFi spaces. Among the latest developments is the launch of its Cross-Chain Interoperability Protocol on the Ronin network to enable seamless token transfers between Ethereum, Ronin, and Coinbase-built Base blockchain.
Another huge milestone is the partnership between Chainlink and Emirates NBD, one of the biggest banks in the UAE, to further digital asset tokenization. This collaboration will focus on devising innovative solutions for managing tokenized assets.
In addition, Coinbase’s Project Diamond has also integrated Chainlink’s infrastructure to support tokenized asset management, while SWIFT, the global payments network, partnered with Chainlink to introduce institutional payment solutions. These partnerships demonstrate the blockchain firm’s capability to address critical needs in the financial sector and solidify its reputation as a vital player in the blockchain industry.
Chainlink Dominance in the Oracle Market
Chainlink continues its dominance of the oracle market: more than $38 billion in total value secured against its closest challengers. A testament to its technological edge, coupled with rampant adoption.
Commenting on leading ERC-20 crypto projects based on their developer activity during the past 30 days, Arthur Azizov, CEO at B2BINPAY, said, “Chainlink is one of the pioneers of blockchain interoperability and one of the foundations of DeFi.”
This is evident in the network’s growing influence, as it teams up with 21Shares to offer an EU-regulated trading and settlement service for tokenized securities. This move follows Chainlink’s greater vision of connecting traditional finance with blockchain.
Whale Dynamics and Market Outlook
The fact that whales continue to buy LINK and the expansions in the Chainlink ecosystem all hint at a strong bullish outlook for the coin. Hence, analysts believe LINK is likely to reach $50 shortly.
Besides, Chainlink’s clear commitment to solving real-life problems using decentralized solutions places the blockchain company at the forefront of the next wave of blockchain adoption.
Chainlink Technical Indicators Suggest Bullish Trends
Per the weekly chart, LINK has maintained strong bullish trends over the past weeks. It reached the critical resistance level at $22.85, its highest point since March.
The coin also pierced through the 50% Fibonacci Retracement level while its percentage price oscillator climbed above the zero line. These indicators suggest a strong upward trajectory for LINK.
The next key level to watch is $52, Chainlink’s all-time high, about 88% above the current price. However, a slip below the support level of $22.85 would invalidate the bullish outlook.
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