Chainlink Price Analysis: Open Interest Stalls Below $2B Despite Polymarket Partnership

Key Notes

Chainlink price hit $25 on Sept 13, notching 15% weekly gains.
Polymarket confirmed live Chainlink oracle integration on Polygon mainnet.
Open interest slipped despite a 7% jump in trading volumes.

Chainlink price grazed the $25 mark on Saturday, Sept 13, stretching weekly timeframe gains to 15%. The surge comes as Polymarket officially adopted Chainlink’s feed for the settlement of price-related wagers. Both entities confirmed the operational partnership in a Friday press release, stating the integration is live on the Polygon mainnet.

According to the statement, the upgrade enables the creation of secure, real-time prediction markets across hundreds of crypto trading pairs. It also introduces the potential for Chainlink to settle markets involving subjective questions, reducing reliance on social voting mechanisms and easing resolution risk.

“Polymarket’s decision to integrate Chainlink’s proven oracle infrastructure is a pivotal milestone that greatly enhances how prediction markets are created and settled. When market outcomes are resolved by high-quality data and tamper-proof computation from oracle networks, prediction markets evolve into reliable, real-time signals the world can trust.” Sergey Nazarov, Co-Founder of Chainlink.

By adopting Chainlink data streams, the integration allows for low-latency, verifiable price reports and automated on-chain settlement. This provides Polymarket with near-instantaneous resolution capabilities, particularly in cases involving deterministic outcomes, such as Bitcoin or Ethereum price predictions.

The LINK price action reflected initial enthusiasm around this news on Friday, before momentum flash overheating signals.

Coinglass’ derivatives data reinforces this narrative as Chainlink open interest held at $1.7 billion, down 0.02% intraday, even as trading volumes climbed 7.3%. This suggests the majority of the intraday speculative activity was from traders trimming down LINK futures positions, as market sentiment approaches euphoric peaks.

LINK Price Forecast: Can Bulls Sustain Momentum Above $25?

From a technical perspective, the daily Chainlink price chart shows a 15.9% rally over six sessions, bouncing from the $22 support level, to intraday peaks around $25 on Saturday.

The 5-day and 8-day SMAs have crossed back above the 13-day, forming a Golden Cross signal at $24. RSI sits at 65, below overbought territory, indicating room for more upside.