Chainlink hits 7-month high with whale support and new partnerships

Chainlink’s LINK has rallied to its highest level in seven months, fueled by large-scale whale accumulation and a steady stream of new institutional partnerships.

According to CryptoSlate’s data, LINK’s price peaked above $26 on Aug. 18 following a month-long rally of around 30% before easing back to $24.71 at press time.

Notably, the crypto token posted the sole green candle among the top 15 cryptocurrencies by market capitalization during the last 24 hours.

What is driving LINK’s price?

A key driver of LINK’s rally has been heightened activity in the derivatives market.

CoinGlass data reveals that open interest in LINK futures has hit an all-time high of $1.5 billion, a nearly 60% increase since the start of 2025.

Open interest tracks the total number of active futures contracts, and rising levels are generally interpreted as a sign that traders are confident in the asset’s trajectory.

Notably, on-chain activity on the blockchain network paints a similar picture of market enthusiasm.

Data from Santiment shows that nearly 9,813 addresses processed LINK transfers on Aug. 17 alone, while more than 9,600 new wallets were created the following day.

These figures represent the highest engagement levels of the year, pointing to a broadening user base alongside price momentum.

At the same time, the network’s whale activity has also reinforced the bullish outlook.

Blockchain analysis platform Lookonchain reported that a whale wallet withdrew roughly 1.29 million LINK, worth $31 million, from Binance over four days.

Typically, moves of this size indicate long-term holding intentions rather than immediate selling. This further strengthens the market sentiment surrounding LINK and shows its investors are in it for the long haul.

Chainlink’s institutional adoption rises

Outside of these key metrics, Chainlink continues to expand its reach into traditional finance through several high-profile collaborations.

On Aug. 18, Chainlink’s community liaison Zach Rynes highlighted more than 30 firms testing or piloting the blockchain network’s solutions on their platforms.

According to him:

“[Chainlink] is verifiably working with the largest institutions in the world on adopting blockchains and tokenized assets via a unified and modular platform that already powers the vast majority of DeFi.”

The list includes financial heavyweights like Swift, Visa, Mastercard, Citi, JPMorgan, BNY Mellon, and Fidelity International, alongside major infrastructure players like ICE, Euroclear, and Clearstream.

Additionally, central banks and large regional lenders in Brazil, Europe, and Asia are also experimenting with Chainlink-powered technology.

These collaborations demonstrate that Chainlink is positioning itself as the backbone of blockchain connectivity for global markets.

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