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Points of Focus
- LINK reclaims its Hull MA at $8.1593, one of only two supportive averages.
- Chainlink’s CCIP has crossed $15 billion in migrated cross-chain value.
- LayerZero disputes the exploit narrative driving much of that migration.
Chainlink (LINK) trades at $8.2048, up 0.22% on the day, per TradingView data. The daily candle opened at $8.1869, reached a high of $8.2390, dipped to a low of $8.1012, and closed at $8.2048, reclaiming a level it lost in our last update.
CCIP crosses $15 billion, but the story behind it is contested
Chainlink’s announced on Aug. 7 that migrations to its Cross-Chain Interoperability Protocol (CCIP) have crossed $15 billion, crediting BitGo’s roughly $7.7-billion commitment of Wrapped Bitcoin (WBTC) as the move that pushed the running tally over the line.
The great CCIP migration:
$15,000,000,000 and counting.pic.twitter.com/DoCYe6ZsuR https://t.co/JM8KTG9Qur
— Chainlink (@chainlink) August 6, 2026
Chainlink’s migration wave now includes at least 13 teams, including Kelp DAO ($1.5 billion), Mantle ($2.5 billion), Lombard (over $1 billion), Solv Protocol ($700 million), Virtuals ($700 million), Re ($475 million), Kraken ($330 million), and Yuzu Money ($54.5 million).
The migration wave traces to an April 18, 2026 exploit that drained roughly $292 million to $300 million in rsETH from Kelp DAO’s LayerZero-powered bridge. Kelp publicly blamed LayerZero’s infrastructure for the breach, pointing to a compromised verifier network.
LayerZero disputes this, attributing the exploit to Kelp’s own single-verifier configuration, a 1-of-1 decentralized verifier network (DVN) setup, rather than a protocol-wide flaw, and says it has processed more than $9 billion in bridged volume since the incident, evidence it argues shows the platform remains widely trusted.
The two accounts remain in direct conflict, and neither side’s version has been independently settled, though the migration list keeps growing regardless of which explanation is correct.
Technical levels to watch for
Out of the fourteen moving averages (MA) TradingView tracks for LINK, only two sit below spot as support: the 50-day simple moving average (SMA) at $8.0290 and the Hull MA at $8.1593, which price reclaimed today after losing it yesterday.
Every other average, from the 10-day exponential moving average (EMA) at $8.2353 through the 200-day EMA at $9.6057, remains above price as resistance.
- The relative strength index (RSI) reads 49.13, close to the midpoint.
- The average directional index (ADX) reads 11.69, an especially weak trend reading that confirms no dominant direction is currently in force.
- The stochastic RSI at 16.65 gives an upward signal, while the Awesome Oscillator (-0.0333), Momentum (-0.2294), and moving average convergence divergence (MACD) at 0.0043 all give downward signals, a split that mirrors the thin technical picture above it.
- The classic pivot point sits at $8.0443, close to the reclaimed 50-day SMA, with resistance building at R1 $9.0194 and support at S1 $7.1905.
What comes next for LINK
LINK’s technical picture remains thin regardless of the infrastructure milestone: two of fourteen tracked averages support price, the same narrow floor that has defined our last several checks.
Historically, CCIP volume growth and LINK price have not moved in lockstep, so the $15 billion figure is a fundamentals story that may or may not show up in the chart.
The more immediate question is whether today’s Hull MA reclaim holds. A daily close back below $8.1593 would put the token back in the position it was in yesterday, while clearing the 10-day EMA at $8.2353 would be the next sign the reclaim is extending rather than stalling.
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