Chainlink (LINK) extended its weekly gains on Friday, trading above $13.70 with a more than 7% increase. Institutional demand, positive derivatives positioning, and a partnership with Infosys supported the momentum. Spot LINK ETF inflows reached $5.04 million through Thursday, according to data from SoSoValue. Analysts identified a double bottom pattern and a potential rally toward $20, $50, and $100, though a rejection could lead to consolidation near $10. Technical indicators show the price above key moving averages, with the RSI at 64 and MACD positive, while resistance near $14.00 remains critical.
Chainlink (LINK) traded above $13.70 on Friday, according to CoinMarketCap data, extending weekly gains by more than 7%. Institutional demand, derivatives positioning, and a partnership with Infosys contributed to the market momentum.
Analyst Crypto Patel highlighted in a post on X that LINK had rallied close to 90% from $7 and remains aligned with roadmap targets at $20, $50, and $100. Another analyst, Alex Marzell, identified in a post on X a double bottom pattern at $12.06 and $12.10, after which LINK rallied nearly 17%.
According to SoSoValue data, spot LINK ETF inflows amounted to $5.04 million through Thursday. With inflows expected for the third consecutive week, such momentum could bolster the price rebound.
Derivatives data from CoinGlass shows LINK funding rates turned positive on Wednesday and increased to 0.0098% on Friday, indicating elevated demand for bullish positioning via perpetuals. CoinGlass also reported a Chainlink long-short ratio of 1.02, suggesting long positions marginally outweigh shorts.
Chainlink announced a partnership with Infosys, a global IT company with over $40 billion market cap, in a statement posted on X on Tuesday. Infosys supports banking infrastructure for more than 1.7 billion customer accounts and aims to standardize Chainlink’s solution across its offerings.
Technical indicators are positive. TradingView data shows the price well above all key exponential moving averages, with the 50-day EMA at $11.24 and the 200-day EMA at $10.27. The RSI is at 64, and MACD remains in positive territory, confirming a healthy uptrend. Resistance near $14.00 is the immediate level for bulls to target.
