Chainlink Whales Accumulate 0.67% of Supply as Price Hits $18.89

Late August has shown notable buying activity in the Chainlink (LINK) market, with whale addresses accumulating 0.67% of the total token supply during the month [1]. This accumulation coincides with the price approaching $18.89, supported by major protocol upgrades and a general rise in market activity. The token has risen 13% in the past 24 hours and 36% over the last 30 days, with a 12% increase in the previous seven days [1]. Spot trading volume for LINK surged 300% in the last 24 hours to $1.37 billion, while derivatives activity also saw a significant jump, with open interest rising 24.7% and futures volume increasing 252% to $2.63 billion [1]. Rising open interest and increased trading volumes often indicate traders are positioning for larger price swings rather than merely liquidating positions.

Santiment’s on-chain data shows that wallets holding between 100,000 and 1 million LINK grew by 4.2% in August [1]. This buying coincides with several major network developments, including the launch of Data Streams for U.S. stocks and ETFs on August 4, which has already attracted adoption from protocols like GMX and Kamino Finance. Additionally, on August 7, Chainlink introduced the Chainlink Reserve, an on-chain LINK reserve designed to support long-term growth and incentivize node operators. The same day, the Cross-Chain Interoperability Protocol was used in Brazil’s Drex CBDC pilot to facilitate trade finance collaboration with Banco Inter, Microsoft, and 7COMm.

From a technical standpoint, Chainlink’s indicators remain bullish. All major moving averages, from the 10-day to the 200-day, are in buy territory, indicating strong trend support [1]. The RSI stands at 61, suggesting the asset has room to grow before reaching overbought conditions. The Awesome Oscillator and Momentum indicators both suggest continued buying pressure. A break above $19.16 could target the $20.50–$21 resistance level. Conversely, a failure to stay above the mid-Bollinger Band around $18 may lead to a retest of the $17.20–$17.50 support zone, especially if derivatives traders unwind leveraged long positions [1].

Whale accumulation is often seen as a strategic move, reflecting confidence in the long-term value of an asset. In Chainlink’s case, the timing of the accumulation with key protocol upgrades and growing real-world asset integration suggests a coordinated effort to build momentum. While whale activity alone does not guarantee a price breakout, it supports a broader narrative of accumulation and bullish positioning [1]. Investors are now watching whether technical patterns align with on-chain behavior to confirm a breakout. If the price remains above current support levels and volume continues to trend upward, a significant price target may be within reach.

The increased market activity around Chainlink appears to be part of a broader trend of institutional and strategic buying in the crypto space, particularly among established projects with clear use cases. Whether this translates into a sustained price increase or a consolidation phase remains to be seen. However, given the accumulation patterns and improving technical indicators, the case for a potential LINK breakout is gaining credibility [1].

Source: [1] Chainlink whales add 0.67% of supply in August — Is a LINK breakout on the way? (https://crypto.news/chainlink-whales-add-0-67-of-supply-link-breakout-2025/)

[2] Chainlink Price Today, Market Cap, LINK Price Chart (https://coincheckup.com/coins/chainlink)