LINK Surges 3.6% on 18.84% Volume Jump as Breakout Looms

LINK’s price rose 3.6% in the last 24 hours, reaching $22.01, with strong support identified at $21.07 and resistance near $22.58 [1]. The increase came alongside a notable surge in trading volume, which climbed 18.84% to $1.61 billion over the same period, signaling heightened market participation [1]. The token’s market capitalization followed suit, rising to $14.94 billion, marking a 3.68% increase over the past 24 hours [1].

The price movement has been contained within a defined range between $21.07 and $22.58, with LINK repeatedly testing the upper boundary without confirming a breakout. This pattern has become more pronounced on the weekly chart, where a breakout is forming after a period of consolidation. The key support at $21.07 has held firm during volatile trading sessions, providing stability and reinforcing the potential for a continuation of the upward trend [1].

The fully diluted valuation (FDV) for LINK also increased to $22.02 billion, reflecting a synchronized rise with the market cap. This alignment suggests that the price appreciation is being supported by broader valuation metrics. The coordinated movement between FDV and market cap indicates that the price rise is not isolated but is part of a larger trend in the token’s valuation [1].

On-chain activity has also shown signs of bullish momentum. Whale holdings increased by 0.67% in the past week, with large investors quietly accumulating LINK. This growing accumulation has been interpreted as a sign of confidence in the protocol’s fundamentals and its expanding role in the DeFi ecosystem. Additionally, exchange reserves have been shrinking, another indicator that large holders are moving tokens off exchanges, potentially ahead of a price breakout [2].

Technical analysis supports the case for a bullish outlook. The formation of a breakout pattern, combined with rising volume, suggests that LINK could be positioning itself for a more sustained upward move. The protocol’s recent token buybacks and increased adoption by DeFi platforms have further reinforced the positive sentiment around the token [3].

While LINK’s performance has not been directly tied to broader market trends, the growing interest in oracle-based solutions has contributed to renewed demand for the asset. Traders and analysts are closely monitoring whether the current momentum can carry the price beyond $22.58 and into new territory. In the near term, maintaining movement above $21.07 will be crucial for preserving the upward trajectory.

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Source:

[1] LINK Surges 3.6% Above $22 on Rising Volume with Breakout Pattern Forming

https://cryptonewsland.com/link-surges-3-6-above-22-on-rising-volume-with-breakout-pattern-forming/

[2] Chainlink whales add 0.67% of supply in August — Is a LINK breakout on the way?

https://crypto.news/tag/price-analysis/

[3] Chainlink price Elliot Wave points to gains as whale buying jumps