LINK has held up better than most large-cap altcoins over the past few days. While many names bled with the market pullback, Chainlink pushed to new local highs and is still trading near the upper end of its recent range.
Looking at the 4H chart (late July → today), LINK drifted lower into early August, bottoming near $15.43 on Aug 3. From Aug 6, momentum flipped: steady higher highs carried price through $20, then $22, and finally a sharp run into the $26.34 spike. Since that wick, price cooled off to the $24–$25 area, where buyers are trying to build a base.
This structure is classic “impulse → pullback → attempt to base.” As long as pullbacks keep making higher lows above the mid-$22s, the short-term trend stays constructive.
What the market metrics say
- Volume: Turnover picked up into the breakout and remains elevated versus late July. Rising price with rising volume = healthy demand. The latest bars show bursts on green candles, which supports dip buying.
- Open Interest (OI): OI climbed from ~9.4M contracts in late July to the high-13M/low-14M area now. More OI alongside rising price means fresh participation. It also means volatility risk: if one side gets crowded, liquidations can speed up the next move.
- Net Long / Net Short: Net longs remain negative, while net shorts have been trending up into the rally. In simple terms, there are still plenty of sellers on the other side of the trade. If price pushes through resistance, those shorts can get squeezed; if price rolls over, their conviction can add pressure on the downside. For now, the imbalance slightly favors a squeeze if bulls reclaim momentum.
Read also: This Expert Just Updated His Chainlink Price Prediction – And It’s Shocking
Short-term LINK forecast
Near term, I’m watching $24.00–$24.50 as first support. Lose that cleanly and price may revisit $23.20–$22.80 (prior breakout area). A deeper risk zone sits around $21.50–$21.00 where the August trend leg started to accelerate.
On the upside, $26.00–$26.50 is the immediate ceiling. A strong 4H close above it opens a quick run toward $28 and possibly $30 if market conditions improve. With OI elevated and shorts still active, a decisive break could travel fast.
Chainlink looks stronger than the average alt right now: higher lows, rising volume, and a manageable pullback after the spike. If BTC steadies, LINK has a good shot at retesting $26–$26.5 and squeezing higher.
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