Chainlink Whales Buy $97M as Price Hints at 330% Rally Potential

Major Chainlink (LINK) whale activity has sparked renewed optimism among investors, as large holders acquired approximately 4.55 million LINK tokens worth $97 million in August, signaling strong confidence in the asset’s future trajectory. These whales, who typically hold between 100,000 and 1 million LINK, increased their holdings by 4.2 percent, reinforcing the view that the token is in a consolidation phase that could lead to a significant price breakout [1].

The purchase surge coincided with a broader decline in exchange reserves—dropping by 33 million LINK since July—indicating a tightening in market supply. This reduction could drive prices higher as fewer tokens are available for trading. Meanwhile, the Chainlink Reserve mechanism, launched at the start of August, brought in over one million in protocol revenue, creating a deflationary effect that supports upward price momentum [1].

On-chain data also reveals a 27 percent rise in open interest for derivatives, suggesting that major market participants are positioning themselves ahead of a potential upward move. Analysts note that the current price level of around $21.90 is supported by a recent 28.6 percent rally over the past week, and the next key resistance level is identified at $24. According to on-chain analyst Ali, breaking through this level could trigger a multi-stage rally with intermediate targets at $31.8 and $52.3 before approaching $95 [1]. This potential movement is framed within a symmetrical triangle consolidation pattern, which has historically led to substantial price shifts once a breakout occurs.

A significant development supporting institutional confidence in Chainlink is its recent partnership with Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange. Under this agreement, ICE will supply high-quality forex and precious metals data to Chainlink’s decentralized oracle network. This collaboration is expected to enhance the reliability and security of on-chain data, making Chainlink a more viable solution for institutional-grade financial applications [1].

Maurisa Baumann, ICE’s VP of Global Data Delivery Platforms, stated that the partnership aims to deliver secure and reliable data to blockchain markets, further cementing Chainlink’s role in the financial ecosystem. The move not only strengthens Chainlink’s infrastructure but also introduces traditional finance participants to blockchain technology, potentially expanding the asset’s use cases and demand.

Putting these factors together—whale accumulation, declining supply, rising derivatives activity, and institutional support—many market observers believe Chainlink is on the cusp of a major price movement. If it can successfully break above $24, the path to $95 appears increasingly plausible. With whales continuing to build their positions and institutional players reinforcing the network’s credibility, LINK could soon rewrite its price history and redefine its role in the crypto market.

Source: [1] LINK Whales Buy $97M, Paving Way for Potential $95 Rally (https://www.livebitcoinnews.com/link-whales-buy-97m-paving-way-for-potential-95-rally/)