Chainlink Price Forecast: Analyst Predicts $20 as Open Interest Surges 16%

Chainlink price climbed 8% to $9.56 on August 15, supported by stronger activity across spot and derivatives markets.

The token is up 15% over the last week, continuing its recovery from the more broad-based cryptocurrency market volatility.

Derivatives participation further strengthened with open interest up 16% as traders added to their LINK exposure.

An analyst now expects LINK to land at $20, while the immediate focus is a potential next move toward $10 soon.

LINK also managed to perform better than several major-capitalisation assets, as Bitcoin price continued to move close to $63,000 amid the overall market consolidation.

The upside move saw Chainlink’s market cap rise to about $7.15 billion, as traders showed renewed interest in the coin.

Chainlink Open Interest Reaches $694 Million Following Volume Surge

Derivatives trading of the Chainlink saw a significant rise with market participation growing across all futures platforms. The volume on LINK rose by 123.40% to $1 billion in the period under study.

Open interest climbed 16% to $694.39 million, ensuring that traders broadened their positions. The two gains indicate that new capital came into LINK’s derivatives market.

The higher volume growth indicates a surge in the short-term speculations regarding the latest price movement around Chainlink. Meanwhile, the source provided no data for options volume or options open interest.

Bitwise Chainlink ETF Draws $1.5 Million in Weekly Inflows

The Bitwise Chainlink ETF saw inflows spanning several days this week, drawing about $1.5 million in investors.

Bitwise Chief Executive Hunter Horsley shared the update on Friday, highlighting stronger interest in Chainlink’s role within on-chain finance.

Investors are continuing to broaden their knowledge of blockchain infrastructure and the impact of it in traditional financial markets, Horsley said.

The inflows indicate an increase in demand for regulated investment products that provide exposure to LINK without necessarily having to own cryptocurrencies.

Chainlink delivers decentralized data services to link blockchain applications with the real world of market prices, financial systems and other external information.

How High Will Chainlink Price Go?

The LINK price jumped to $9.59, driven by bullish momentum within an ascending channel on the four-hour chart. It was boosted by growing trading volume and LINK hovered near the top of the channel.

The Relative Strength Index hit 60, signaling that the momentum was strong and that the market was becoming overbought. Meanwhile, the Chaikin Money Flow was at 0.18, indicating continued capital inflows and buying pressure.

If the future LINK outlook breaks above $10, the next targets are $10.50 and $11. Rejection, however, around $10 could result in a pullback to $9.50 before testing the $9 support area.