Chainlink Price Prediction: LINK Nears 8-Month High as Open Interest Tops $784M Despite Profit-Taking

Chainlink (LINK) rose $13.64 on September 7, marking the first time that it has reached this price since January 18, 2026. The gains came amid an increase in open interest to $784 per CoinGlass data.

LINK Price Soars Amid Rising Adoption

The value of Chainlink is now up by 94% between June 22 and September 7. The gain comes amid the increased use of Chainlink, with analyst Chris Barret noting that the network has now facilitated $34 trillion in transactions.

Data from DeFiLlama also shows that the gains in price coincide with a surge in Chainlink’s DeFi TVS from $33.98 billion on August 7 to $40.02 billion at the time of writing. This TVL has increased by $6.04 billion in one month.

An earlier report by CoinGape also revealed that Chainlink partnered with the US Commerce Department to bring inflation, GDP, and sales data to the blockchain.

Despite these gains, Chainlink price is still trading 74% below its all-time high of $52.88 that was attained in May 2021.

LINK’s Open Interest Soars to 11-Month High Despite Profit Taking

Data from CoinGlass shows Chainlink’s open interest has risen to $784 million. This is the highest OI reading for Chainlink since October 2025.

The rise in OI also coincides with a 08% increase in LINK’s derivative volumes to $1.04 billion at the time of writing.

Meanwhile, the long/short reading of 1.67 and 1.36 on Binance and OKX, respectively, suggests that there are more short accounts than long accounts on the two exchanges.

The increased demand for LINK by futures traders also contrasts with whale activity because data from On-Chain Lens shows that one large address has sent 2.41 million LINK to Coinbase within three weeks. The coins are worth $26.04 million at the current price of Chainlink.

Analyst Forecasts Chainlink Price Rally to $22 Despite Weak ETF Inflows

Analyst Axel on X forecasts that Chainlink could reach $22. But he says this rise will only occur if LINK can close above the resistance at $13.50 on the weekly chart.

This long-term Chainlink price forecast by the analyst comes on the back of weakening demand for LINK ETFs.

Data from SoSoValue shows LINK ETFs posted zero inflows in the week between August 31 and September 4. During the same week, BTC and ETH ETFs posted $986 million and $218 million in inflows, respectively.

However, in August 2026, LINK ETFs posted their best monthly inflow since December 2025 of $18.27 million.

Chainlink Price Creates Double Bottom Pattern as Bulls Test 200-week EMA

The price of Chainlink has created a double bottom pattern on the one-week chart. This pattern suggests that the trend is about to change from a bearish one to a bullish one.

Chainlink has also closed above the resistance of this pattern at $10.72, suggesting that a 47% surge that is equal to the height of the double bottom pattern might be underway, and Chainlink price could reach $15.83.

Chainlink has also moved above the resistance at the 200-week EMA of $12.85, suggesting that the long-term outlook is also bullish.

The RSI reading of 65 also suggests that the momentum is favoring bulls, and Chainlink could move to $15.83, as the double bottom suggests.

However, if this bullish thesis fails and LINK drops below the 200-week EMA, the price could drop to the psychological support at $10.