TLDR
- Chainlink says its infrastructure powers about 70% of the global DeFi market, lifting LINK sentiment.
- LINK broke above resistance levels at $8.10 and $9.35 on strong buying pressure.
- The token hit a local high near $12.50 before pulling back slightly.
- Open interest rose from about $400 million in July to nearly $700 million in August.
- A wave of short liquidations added extra momentum to the rally.
Chainlink (LINK) is trading above $11 after a rally tied to rising DeFi adoption. The token has cleared several resistance levels over the past few weeks.
At the time of writing, LINK sits at $11.54. That marks a 0.77% dip over the past 24 hours.
Despite the small daily drop, the wider trend stays upward. LINK has recovered well from lows near $8.
Chainlink’s Role in DeFi
Chainlink recently detailed its place in decentralized finance. The company said its infrastructure powers about 70% of the global DeFi market.
This includes services like price feeds, interoperability, and cross-chain communication. Major protocols using Chainlink include Aave, Lido, Kamino, Compound, and Polymarket.
The update strengthened the adoption story around LINK. Investors reacted with renewed interest in the token.
Price charts show LINK broke above resistance near $8.10. It then cleared a second level at $9.35.
After clearing $9.35, LINK climbed to a local high of about $12.50. The price pulled back slightly after that peak.
On-Balance Volume (OBV) rose alongside price during the breakout. Rising OBV is generally seen as a sign of real buying demand rather than thin trading.
Open Interest and Liquidations
Data from CoinGlass shows open interest in LINK grew from about $400 million in July to nearly $700 million in August. That points to more activity from derivatives traders.
Trading volumes also increased during the rally. This shows wider participation beyond spot buyers.
Liquidation data shows a wave of short liquidations as LINK moved higher. Traders betting against the price were forced to close their positions.
Those forced closures added extra fuel to the breakout. This pattern is common during fast crypto rallies.
LINK now trades above both of its former resistance levels, $8.10 and $9.35. Those levels could act as support going forward.
Traders are watching whether LINK can hold above $11 and retest the recent high of $12.50.
The post Chainlink (LINK) Price: Breaks Key Resistance Levels at $8.10 and $9.35 appeared first on Blockonomi.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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