Chainlink (LINK) Approaches $24 Resistance With 4.2% Whale Holdings Rise

Chainlink (LINK) continues to consolidate above the $21 level, with the $24 resistance emerging as a pivotal threshold for potential bullish momentum. Market analysts highlight that a successful breakout above $24 could pave the way for a rally toward $95, based on key technical formations and on-chain signals [1]. The current price action reflects growing confidence among market participants, supported by increasing whale activity and rising on-chain metrics [2].

Whale addresses holding between 100,000 and 1 million LINK increased their balances by 4.2% in August, adding approximately $97 million in value, according to on-chain data. This accumulation aligns with the launch of the Chainlink Strategic Reserve, which has already acquired over $1 million in LINK. These developments are seen as indicators of strong long-term demand and reduced circulating supply [2].

On-chain activity also shows positive signs, with active addresses rising 17.73% and new addresses increasing by 15.95%. These metrics suggest growing user engagement and network adoption. Technical indicators remain bullish, with the RSI near 65 and the MACD showing a positive crossover. The 200-day EMA has already been cleared at $17.02, reinforcing the upward bias [1].

According to Ali Charts, LINK has been trading within a symmetrical triangle since mid-2021. A breakout above $24 would confirm the pattern and set the stage for a potential move toward $95 [1]. Meanwhile, analysts like Javon Marks note that the price has broken above long-term descending resistance, projecting a path toward $88.26 [1]. The weekly chart shows that LINK has already cleared the $16–$18 zone and is maintaining above key support levels, which analysts suggest could lead to price targets at $35, $50, and possibly $100 [1].

Sustained trading above $20 with strong volume is considered crucial for maintaining upward momentum, with the $24 level serving as the next major confirmation point for a broader rally. Analysts remain cautious but optimistic, emphasizing the importance of buyers maintaining control above $19.16 to prevent a potential pullback [2].

The broader cryptocurrency market has also shown signs of recovery, with many altcoins rebounding and attracting renewed investor interest. In this environment, Chainlink’s ability to hold and break key resistance levels could reinforce its position as a leading altcoin. However, any move toward higher price targets will depend on the token’s ability to maintain its position above critical support zones and attract both retail and institutional attention.

The recent price action and on-chain developments indicate that Chainlink is in a consolidation phase ahead of a potential breakout. A decisive move above $24 is expected to confirm a long-term bullish trend and provide the necessary momentum for further gains [2].

Source:

[1] Coinpedia. https://coinpedia.org/price-analysis/chainlink-price-surges-past-21-can-link-hit-26/

[2] FXLeaders. https://www.fxleaders.com/news/2025/08/08/chainlink-whales-boost-holdings-by-0-67-as-link-surges-36-in-30-days/