Chainlink Hits 7-Month High on Whale Buying, Targets $29
Chainlink (LINK) surged over 15% this week, breaking past the $20–21 and $25–26 resistance zones. The rally was backed by strong trading volume and a move above the 200-day moving average, pushing LINK to a seven-month high around $24.20–$25. Whale accumulation was significant: top holders added 1.1 million LINK (≈$27 m) in seven days, and the top 100 wallets increased stakes by over 12%. On-chain metrics confirm robust interest, with 9,600 new addresses and 9,800 daily transfers recorded in mid-August. The launch of the Chainlink Reserve smart treasury adds deflationary pressure on supply. Chainlink’s expansion into real-world assets (RWA) via new ETF and equities data feeds, alongside partnerships with ICE and SWIFT, strengthens its institutional-grade oracle services. Analysts now target $29–$30 as the next resistance, with mid-term levels at $33–$38 and long-term potential beyond $57. Traders also note a potential boost if Bitcoin (BTC) holds above $115,000, though a pullback toward $20 may occur amid broader altcoin weakness.
Bullish
The breakout above key resistance zones and the 200-day moving average, backed by strong whale accumulation and rising on-chain metrics, signals a bullish trend for LINK. Institutional adoption is further reinforced by RWA data feeds and partnerships, while the deflationary mechanism from the Reserve treasury supports long-term price strength. Short-term momentum could push LINK toward $29–$30, and the overall setup underpins a positive outlook.