Chainlink Price Breaks Key Resistance as Whales Accumulate 4.2% More LINK

Chainlink (LINK) has shown significant momentum as it breaks out of a multi-year triangle pattern, sparking renewed interest among traders and investors. A key development is the recent price movement above the critical $16–$17 resistance level, which analysts suggest could open the door to higher price targets, including $35, $50, and even $100 within this market cycle [1]. Crypto Patel highlighted this on a two-week chart, noting that the breakout follows years of sideways consolidation since 2021. He emphasized that the key to maintaining upward potential is for the price to hold above $16–$17 and continue reinforcing that level as support [1].

Alongside the technical signals, on-chain data from Santiment reveals increased accumulation activity among large holders, or “whales.” Between August 1 and August 7, the number of wallets holding between 100,000 and 1 million LINK tokens increased by 27, representing a 4.2% growth in the number of such wallets [1]. Additionally, these large holders now own 0.67% more of the total LINK supply compared to a week ago. This surge in whale activity began after the price moved back above $18.40, a level that has historically acted as a catalyst for further bullish moves [1].

The combination of a bullish technical setup and strong whale accumulation suggests that the current rally may have more room to run. Historically, such accumulation by large investors has been followed by significant price advances, reinforcing the possibility of continued upside for LINK. If the $16–$17 level remains strong and the broader market continues to support the asset, Chainlink could see substantial gains in the near term.

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[1] Chainlink Breaks Out: $LINK Price Targets $100 as Whales Go on a Buying Spree (https://coinmarketcap.com/community/articles/6896e04b580d1d3e68f0737c/)