Chainlink Surges 10% as On-Chain Activity Hits 5-Month High

Chainlink (LINK) has reasserted itself in the cryptocurrency market following a 10% surge in the past 24 hours, significantly outperforming most of its peers. The token briefly reached a six-month high of $26.76 on Monday after rebounding 14% from weekend lows. Notably, on-chain activity saw a significant uptick, with 2,995 new LINK addresses created on August 18—the highest growth in five months [1].

Despite this bullish momentum, Chainlink faced a pullback early in the week, with the price retreating to the $23.50 support level. However, it quickly rebounded, reclaiming the $24.50–$25 range and testing $26.50 before retracing. Analyst Rekt Capital emphasized that the $23.86–$34 range remains a critical area for the altcoin, noting that successful retests of the lower boundary have historically led to rallies toward the upper end of the range [1].

The cryptocurrency’s ability to maintain stability above $23.86 will be a key indicator of its next move. A monthly close above this level could signal a continuation of the bullish trend, potentially driving the price toward $34. Conversely, a failure to hold this support might result in a further pullback to $19.41, a level last seen during the August breakout [1].

Altcoin Sherpa added that Chainlink could target the $30 level if Bitcoin remains stable above $110,000. However, any breakdown in BTC’s price could lead to renewed downward pressure on LINK [1]. Meanwhile, market observer CW pointed out that Chainlink must overcome a significant sell wall between $26.25 and $26.75 before it can realistically aim for $30. A successful breakout through this resistance would indicate strong momentum toward the next key level [1].

As of the latest data, Chainlink trades at $26.15, marking a 35% increase in the past month [1]. With strong on-chain signals and strategic price levels in play, the altcoin’s next move will likely depend on its ability to sustain position above $25 and advance toward $30. A rejection from this critical resistance could lead to increased volatility and a retest of prior support levels [1].

Source: [1] Chainlink Eyes Crucial Resistance After $25 Reclaim - https://www.newsbtc.com/news/chainlink-eyes-crucial-resistance-after-25-reclaim/