According to CryptoSlate’s data, LINK’s price peaked above $26 on Aug. 18 following a month-long rally of around 30% before easing back to $24.71 at press time.
Notably, the crypto token posted the sole green candle among the top 15 cryptocurrencies by market capitalization during the last 24 hours.
A key driver of LINK’s rally has been heightened activity in the derivatives market.
Open interest tracks the total number of active futures contracts, and rising levels are generally interpreted as a sign that traders are confident in the asset’s trajectory.
Notably, on-chain activity on the blockchain network paints a similar picture of market enthusiasm.
These figures represent the highest engagement levels of the year, pointing to a broadening user base alongside price momentum.
At the same time, the network’s whale activity has also reinforced the bullish outlook.
Typically, moves of this size indicate long-term holding intentions rather than immediate selling. This further strengthens the market sentiment surrounding LINK and shows its investors are in it for the long haul.
On Aug. 18, Chainlink’s community liaison Zach Rynes highlighted more than 30 firms testing or piloting the blockchain network’s solutions on their platforms.
According to him:
“[Chainlink] is verifiably working with the largest institutions in the world on adopting blockchains and tokenized assets via a unified and modular platform that already powers the vast majority of DeFi.”
These collaborations demonstrate that Chainlink is positioning itself as the backbone of blockchain connectivity for global markets.
