Chainlink's LINK token climbed more than 10 percent in 24 hours to trade at $13.31, clearing the $12 resistance level that had constrained price since January. Daily volume rose 25 percent to surpass $503 million while derivatives open interest expanded to $696.89 million, with analysts targeting the $14.50-$15 zone as the next resistance area.
Chainlink's LINK gained 10.83 percent to $13.31 in 24 hours as of 08:00 UTC Sept. 7, breaking above the $12 resistance zone.
"I don't think that LINK will stall much. I honestly think that we'll start to see a strong continuation here towards the next area at $14.50-15.00 as a potential target zone," Michaël van de Poppe, a crypto analyst, said.
Daily trading volume increased 25 percent to surpass $503 million, while derivatives open interest expanded 8.26 percent to $696.89 million. LINK bottomed at $12.11 during the 24-hour period before advancing to its current valuation.
The $14.50-$15 zone represents the immediate resistance, with $20 as a medium-term objective. Holding above $12 is critical — losing that level could trigger a pullback toward $11.50-$11, with $10.70 as deeper support.
The rally follows a string of institutional adoption announcements. Chainlink partnered with Bottomline on Sept. 3 to bring its Cross-Chain Interoperability Protocol to more than 600 banks that process over $16 trillion in annual payments. Wyoming's Stable Token Commission selected Chainlink Proof of Reserve for the state's FRNT stablecoin, making it the first stablecoin issued by a U.S. public entity to publish verified reserve data on-chain. Circle's cirBTC also uses Chainlink Proof of Reserve for on-chain verification of Bitcoin reserves backing the wrapped token.
LINK has gained more than 80 percent in less than two months, recovering from the $7.20-$8.50 consolidation range that dominated much of the summer. The token now trades above its 20-day moving average at $11.39, with Bollinger Bands expanding — a technical signal often associated with rising volatility.
On-chain data reveals a potential supply risk. A large whale moved more than 620,000 LINK, worth about $7.6 million, to Coinbase, according to Coinpedia. The whale has been sending significant amounts of LINK to the exchange over the past three weeks, which could add selling pressure near current highs.
Funding rates remain positive at 0.008 percent, indicating long positions are paying shorts, though the rate is not extreme enough to suggest excessive leverage. Futures cumulative volume delta stands at $113.1 million, with selling stronger than buying in the futures market — yet the price has continued to advance, suggesting buyers are absorbing the selling pressure.
Analyst Investor Jordan identified $12 as crucial support, with $15 as the next target if momentum persists and $20 as a longer-term objective. A decisive breakout above the recent high near $13.68, accompanied by substantial volume, could open the path toward the $15 target.
This article is for informational purposes only and does not constitute investment advice.
