TLDR
- Whales accumulated 1.29M LINK worth $31M in 4 days as LINK retested $24
- LINK broke out of long-term descending trendline, reaching $26 before retracing to $24.65
- Record wallet growth with 9,813 active addresses and 9,625 new wallets created within two days
- Cup formation developing with key resistance at $26-$30 zone
- Data Streams upgrades expanding to cover traditional finance assets
Chainlink has shown remarkable price action in recent weeks, climbing from April lows below $10 to briefly surpass $26. Currently trading at $24.65, LINK displays strong bullish momentum supported by whale accumulation and growing network activity.
Since mid-August, Chainlink has experienced notable whale movements. One address accumulated over 1.29 million LINK worth $31.15 million from Binance, spread across several large transactions.
This aggressive buying suggests growing confidence among large holders. Such accumulation often reduces available supply on exchanges, tightening liquidity and potentially fueling upward momentum.
The price action shows LINK recently broke free from its long-term descending trendline. After touching $26, it retraced to current levels around $24.65, demonstrating resilience despite market volatility.
Technical analysis reveals key support levels at $22.77 and $21.20, with a potential target at the Fibonacci extension level of $30.54. The Relative Strength Index near 63 indicates strong momentum without overheated conditions.
On-Chain Activity Surges
On-chain data highlights explosive growth in Chainlink’s network. Recent metrics showed 9,813 active addresses and 9,625 new wallets created within just two days – both representing 2025 highs.
This surge in wallet activity demonstrates rising retail engagement in the LINK ecosystem. Such activity typically aligns with strong capital inflows as more users transact and accumulate tokens.
The rapid adoption validates the recent price rally and reinforces the bullish narrative. However, if user activity cools down, the market could lose momentum and leave LINK vulnerable to corrections.
Chainlink’s social dominance has climbed to 1.43%, indicating increasing buzz across crypto communities. Higher attention often drives speculative inflows, adding volatility to price action.
While growing visibility can amplify short-term moves, it may also introduce risk if hype outpaces actual adoption. However, when combined with whale accumulation, rising social engagement builds a case for sustained interest.
Price Structure and Technical Outlook
The price chart shows LINK has developed a rounded cup shape with the neckline around the $26-$30 demand zone. Despite the current pullback, the overall structure remains bullish with price well above the 50-day EMA at $18.87.
This formation resembles a classic cup and handle pattern that could precede a breakout above resistance. The $26-$30 zone served as a critical rejection point in 2023 and will likely play a pivotal role in the next directional move.
The Average Directional Index value of 35.57 indicates strong trend conviction. LINK has consistently formed higher lows since June, establishing a solid support structure.
The MVRV Long/Short difference for LINK has surged to 12.77%, showing many holders sitting on unrealized gains. Historically, such elevated profitability creates pressure as investors look to lock in returns.
However, sustained whale accumulation may offset this risk by absorbing selling supply. This creates a balancing act between profit-taking behavior and accumulation trends.
Expanding Utility
Beyond price action, Chainlink continues to enhance its product offerings. The network’s Data Streams now serve real-time feeds on equities and ETFs including AAPL, QQQ, and NVDA.
Chainlink also recently introduced the Chainlink Reserve, a strategic on-chain reserve mechanism aimed at strengthening token utility and network stability over the long term.
These developments, combined with the surge in on-chain activity, demonstrate growing faith in the network and may contribute to sustainable price appreciation.
At the current price of $24.65, LINK appears positioned to challenge the $30 resistance as whale accumulation and record network activity provide strong bullish fuel.
The price recently hit $26 before retreating to current levels. With increasing wallet activity and product expansion, LINK may soon attempt another push toward the $30 mark.
