Chainlink trades at $8.360 on July 15, up 0.23%, after reclaiming both its 20-day and 50-day EMAs for the first time since May. A bullish RSI divergence that printed in early July is following through, and the derivatives market is actively squeezing shorts as open interest rises alongside price.
The daily chart shows LINK clearing both the 20-day EMA at $7.918 and the 50-day at $8.116, with price now pressing against the 100-day EMA at $8.627 and a descending resistance trendline that has capped every rally attempt since January. Those two levels converge near current price and represent the most important technical test LINK faces heading into this week.
The RSI divergence indicator at 60.91 is the clearest bullish signal on the chart. A bearish divergence correctly flagged the May peak, and a fresh bullish divergence printed in late June as RSI bottomed near 20 while price ground toward the $7.00 support zone. RSI has since climbed back above 60, confirming that momentum is shifting. A $7.00 support band remains the key floor below if this recovery attempt fails.
What Are The Key Support And Resistance Levels For LINK Today?
- Support at $8.116 on the 50-day EMA and $7.918 on the 20-day EMA
- Resistance at $8.627 on the 100-day EMA and the descending trendline near $8.60
- Key floor at the $7.00 support zone if recovery fails
- Extended resistance at $9.929 on the 200-day EMA
Volume rose 28.90% to $322.92M while open interest climbed 3.52% to $424.89M. Rising volume alongside rising open interest means new money is entering the market, not just old positions rotating, and the liquidation data tells you exactly which side is losing. Shorts were wiped for $292.46K over 24 hours against just $14.10K for longs, a ratio that signals bears are being forced out of positions as price pushes higher.
Top traders on Binance hold a 2.44 long/short ratio on accounts and 1.89 on positions, leaning clearly bullish. The overall 24-hour long/short ratio sits at 0.994, nearly balanced, meaning retail is not yet piling in while larger players maintain conviction.
Aave announced on July 13 that Chainlink’s Cross-Chain Interoperability Protocol will serve as the default infrastructure for all cross-chain activity across its ecosystem, covering deposits, withdrawals, GHO stablecoin transfers, and governance. Consolidating those functions under a single standard is a protocol-level commitment, not a peripheral integration, and it sets a template that other DeFi platforms may follow. Chainlink separately confirmed eight new integrations across four services and four chains in the same week, adding Mantle, Poppie Finance, and YuzuMoney to its growing list of live deployments.
Santiment data shows LINK holder count on Ethereum reached a record 900K non-empty wallets, with over 20K addresses added in the past month. Holder growth during a period of suppressed altcoin prices points to accumulation rather than speculation, which historically precedes rather than follows price recovery.
- Upside case: LINK clears the 100-day EMA at $8.627 and the descending trendline, short liquidations accelerate above that level, and price targets the $9.929 area on the 200-day EMA as ecosystem momentum from Aave and new integrations draws fresh attention.
- Downside case: The 100-day EMA and trendline confluence reject price, LINK slips back below the 50-day EMA at $8.116, and the rally fades toward the $7.50 area with RSI cooling from its current 60.91 reading.
