Chainlink Hits 7-Month High as On-Chain Growth Spurs Rally

Chainlink surged to a seven-month high of $26.51 on August 19, extending a 30% gain over the past month and topping 13% weekly growth. LINK price now hovers near the key $30 resistance level, which, if breached, could trigger a parabolic upswing toward $200 in future cycles. On-chain metrics from Santiment show record activity in mid-August, with around 9,800 daily LINK transfers and 9,600 new wallets—indicating rising institutional and retail interest. Traders should monitor these on-chain metrics as they track network demand. The recently launched Chainlink Reserve has locked over 100,000 LINK tokens, channeling service fees and DApp usage revenue into token buybacks. This deflationary mechanism supports sustainable growth and adds institutional demand. Strategic partnerships with ICE for precious metals and FX data, plus collaborations with DTCC and SWIFT, reinforce Chainlink’s role as a bridge between traditional finance and DeFi. Regulatory clarity from the GENIUS Act, recognising oracles as critical infrastructure, further boosts Chainlink’s outlook. Technically, LINK remains in a bullish trend, with key moving averages and the MACD favouring buyers. However, an RSI reading of 64 and a Stochastic at 87 warn of overbought conditions and possible short-term pullbacks. Immediate support lies at $22.50 and $21.00.