Chainlink Whales Propel 32% LINK Surge Above $20
Chainlink (LINK) has soared over 32% this week, climbing from $15.43 on August 3 to an intraday peak of $21.46. At press time, LINK trades near $21.04, up 8.25% in 24 hours. The rally is fueled by intense whale activity, with large transactions surging 863% to 60.76 million LINK (about $1.21 billion) in a single day, according to IntoTheBlock. Meanwhile, Santiment reports a 4.2% increase in wallets holding 100,000–1 million LINK since early August, lifting their share of total LINK supply by 0.67%. Traders now eye key resistance levels at $26 and $30. Adding to bullish sentiment, Chainlink launched its on-chain Chainlink Reserve on Ethereum. This smart contract has already amassed over $1 million in LINK tokens from off-chain revenue and on-chain fees, signaling strong network growth and long-term sustainability.
Bullish
The significant jump in whale transactions and rising large-holder wallet counts indicates strong buying pressure, driving the short-term price breakout above $20. The launch of the Chainlink Reserve, which has already accumulated over $1 million in LINK, adds to long-term bullish fundamentals by supporting network sustainability and growth. Together, these factors suggest continued upward momentum, making the outlook bullish for LINK in both the short and long term.