Chainlink price has jumped more than 5% after Mantle completed the migration of its $2.5 billion Super Portal to Chainlink’s cross-chain infrastructure, extending a crypto market rally driven by softer U.S. inflation data.
Summary
- Chainlink price rose over 5% after Mantle migrated its $2.5 billion Super Portal to Chainlink’s CCIP.
- Whale accumulation, rising open interest, and record wallet growth have strengthened LINK’s bullish momentum.
- Technical indicators point to $8.40 as the next key resistance, while losing $8.00 could weaken the rally.
According to data from crypto.news, Chainlink (LINK) price traded around $8.29 after briefly touching $8.40, extending its weekly gain to roughly 7%.
The move came as Bitcoin climbed above $64,600 and Ethereum approached $1,875 after U.S. inflation data strengthened expectations that the Federal Reserve could adopt a less restrictive policy later this year. Total crypto market capitalization also advanced more than 3% to about $2.30 trillion.
Mantle’s infrastructure upgrade adds to a string of recent enterprise integrations for Chainlink. Aave recently selected the protocol for automated vault rebalancing, while Robinhood has incorporated Chainlink infrastructure into its expanding Layer-2 ecosystem.
Network adoption has also continued on-chain, with the number of non-empty Ethereum wallets holding LINK surpassing 900,000 for the first time.
On-chain accumulation suggests large investors positioned ahead of the announcement rather than reacting afterward. Wallets holding more than 1,000 LINK reached their highest level this year, while addresses controlling over 100,000 LINK expanded to a record 805.
These purchases absorbed much of the selling pressure created by the scheduled unlock of 21 million LINK tokens, reducing the impact of the additional supply entering circulation.
Derivatives traders have joined the rally. Open interest increased roughly 10% alongside the price advance, showing fresh leveraged participation instead of a short-lived spot spike. The combination of rising price and rising open interest typically suggests new positions entering the market rather than existing shorts simply closing.
Technical breakout places $8.40 and $8.70 in focus
The daily chart shows LINK pressing against the upper boundary of a descending wedge that has contained price since early June. Tuesday’s rally pushed the token above $8.20 and toward immediate resistance near $8.40, where sellers rejected price earlier in the session.
A confirmed daily close above that level would strengthen the breakout case and expose the next resistance zone around $8.70, followed by psychological resistance near $9.00.
Momentum indicators have also improved. The daily RSI has climbed to around 60 after recovering from oversold territory, showing buyers have regained control without entering overbought conditions. The Aroon Up indicator has returned to 100 while the Aroon Down remains near single-digit readings, highlighting a renewed bullish trend.
On the 4-hour chart, the MACD has completed a bullish crossover above the signal line, while the Chaikin Money Flow remains positive above zero, showing capital continues to enter the market.
CoinGlass liquidation data reinforces the technical picture. The one-week heatmap shows a dense concentration of leveraged short positions clustered between $8.15 and $8.30, many of which were cleared during the latest rally. Above current prices, another sizeable liquidity pocket sits around $8.45-$8.70, creating a potential magnet if buyers maintain momentum.
Loss of $8.00 support would weaken the bullish case
Several risks could still interrupt LINK’s recovery. Markets remain sensitive to upcoming U.S. Producer Price Index data and any Federal Reserve comments that challenge expectations for easier monetary policy. Renewed geopolitical tensions or another rise in oil prices could also reduce appetite for risk assets across digital markets.
From a technical perspective, failure to hold above the $8.20 breakout zone would leave $8.00 as the first important support.
A decisive break below that level could pull LINK back toward the $7.70-$7.50 demand area, where the liquidation heatmap shows another large concentration of leveraged positions. Such a move would invalidate the immediate breakout structure and postpone any attempt to challenge the $9.00 resistance zone.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
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