Chainlink Eyes $24 Breakout Amid Whale Accumulation and Increased Network Activity

• Chainlink trades above $21, with $24 seen as the key breakout level for further gains.

• Whale holdings rose by $97M in August, boosting long-term demand alongside Strategic Reserve accumulation.

• On-chain activity strengthens with active addresses up 17.73% and new addresses up 15.95%.

Chainlink is gaining momentum as whale accumulation and rising network activity push its price above $21, with $24 as the next target for potential breakout.

What is Chainlink’s Current Price Trend?

Chainlink is currently trading above $21, showing strong momentum after breaking key resistance zones. Analysts suggest that if LINK moves above $24, it could pave the way for higher price targets, potentially reaching $95 in the long term.

How Are Whales Influencing Chainlink’s Price?

Whale activity has significantly increased, with holdings rising by $97 million in August. This accumulation is expected to boost long-term demand, as the launch of the Chainlink Strategic Reserve aims to reduce circulating supply.

Frequently Asked Questions

What factors are driving Chainlink’s price increase?

Chainlink’s price increase is driven by whale accumulation, rising on-chain activity, and the launch of the Strategic Reserve, which reduces circulating supply.

How does whale activity impact Chainlink?

Whale activity impacts Chainlink by increasing demand, as large holders accumulate more tokens, which can lead to price appreciation.

Key Takeaways

• Chainlink is trading above $21: A significant price level that could lead to further gains.
• Whale accumulation is strong: Increased holdings signal long-term demand.
• On-chain activity is rising: Active addresses have increased, indicating growing interest in Chainlink.

Conclusion

Chainlink’s current price trend shows promising signs of growth, driven by whale accumulation and increased network activity. With $24 as a crucial breakout level, the potential for significant price appreciation remains high. Investors should monitor these developments closely.

• Chainlink trades above $21 with whale accumulation and rising network activity, as $24 emerges as the key breakout target.

• Whale holdings rose by $97M in August, boosting long-term demand alongside Strategic Reserve accumulation.

• On-chain activity strengthens with active addresses up 17.73% and new addresses up 15.95%.

Chainlink has been gaining momentum after breaking key resistance zones and showing strong network growth. Technical and on-chain data suggest that a move above $24 could pave the way toward higher price targets, with analysts projecting long-term potential near $95. At the time of writing, LINK was trading at $21.

Technical Breakouts Signal Strong Upside Potential

According to analysis prepared by Ali Charts, LINK has been trading within a converging symmetrical triangle since mid-2021, with prices moving between higher lows and lower highs. He noted that breaking above $24 would clear resistance and set up the path for a possible rally toward $95.

The weekly chart shows LINK has already broken out of the $16–$18 zone and is holding above reclaimed support levels. Crypto Patel observed that LINK has broken free from a multi-year triangle on the 2-week chart after years of accumulation. Holding above $16–$17 could keep targets at $35, $50, and potentially $100 within reach.

Technical indicators remain supportive. LINK has cleared its 200-day EMA at $17.02, the RSI is near 65, and the MACD shows a bullish crossover. Immediate resistance lies at $21.89 and $23.99, with the $24 breakout level seen as the next major catalyst.

Fundamentals Boost Long-Term Outlook

According to an observation by Javon Marks, LINK’s bullish structure is reinforced by a breakout above long-term descending resistance, projecting an eventual move toward $88.26.

The launch of the Chainlink Strategic Reserve, which has already accumulated over $1 million worth of LINK, is expected to reduce circulating supply and strengthen long-term demand. Whale addresses holding between 100,000 and 1 million LINK have increased their balances by 4.2% in August, adding around $97 million in value.

On-chain activity is also expanding, with active addresses rising by 17.73% and new addresses by 15.95%. Analysts agree that sustained trading above $20 with volume could keep momentum strong, making the $24 level a crucial point to watch for confirmation of a larger rally.