• Chainlink edges higher on Wednesday, following gains of over 5% the previous day.
• Roughly 6% gains in LINK futures Open Interest in 24 hours indicate growing retail demand.
• Chainlink edges higher to test the bullish breakout of an overhead resistance trendline near $9.20.

Chainlink (LINK) price edges higher on Wednesday, holding its 5% gains from the previous day. Retail speculative demand for LINK is rising, with its futures Open Interest up 6% over the past 24 hours. The technical outlook is mildly bullish, with LINK edging higher toward a key resistance trendline as upside momentum builds up.

Retail demand holds firm in LINK

Retail demand for Chainlink holds firm as the broader crypto market risk-off sentiment eases amid reduced inflation risks in the US. In addition, adoption of Chainlink's Cross-Chain Interoperability Protocol (CCIP) for cross-chain bridges and enterprise-grade security by Mantle's Super Portal and Aave's Stable Vaults reflects industry-level demand, boosting retail support, as previously reported by FXStreet.

CoinGlass data shows the LINK futures Open Interest (OI) surged 6% over the last 24 hours, indicating an increase in leverage-based positional buildup. The funding rate stands at 0.0079%, reflecting a bullish bias among traders.

Will LINK price extend its gains?

Chainlink holds steady on Wednesday above its 50-day Exponential Moving Average (EMA) at $8.12, holding its 5% gains from Tuesday. LINK maintains a constructive near-term bullish bias as price advances toward the overhead trendline near $9.20, projecting roughly 10% upside.

The Moving Average Convergence Divergence (MACD) indicator rises with its signal line into positive territory, while the Relative Strength Index (RSI) hovers just above 60, together suggesting building upside momentum rather than overbought stress.

On the downside, immediate support is seen at the 50-day EMA at $8.12, with the previous swing low zone between $7.15 and $6.99 providing the next cushion.

(The technical analysis of this story was written with the help of an AI tool. Know more.)