Chainlink's LINK token has surged 18% to $26.05, outperforming the broader altcoin market with a 140% annual gain, driven by significant whale accumulation. Over the past week, whale wallets purchased 1.1 million LINK ($27.2 million at $24.80), while smart money wallets increased holdings by 12.6%. Analysts attribute the momentum to fundamental catalysts including Altcoin Sherpa's $30 price target and Zach Humphries' assessment that LINK remains "very undervalued" given its critical DeFi infrastructure role.
Two major August developments boosted sentiment: The Chainlink Reserve (launched Aug. 7) has accumulated 109,663 LINK ($2.8 million) at an average $19.65 cost basis, programmatically converting protocol revenues into locked tokens. Simultaneously, the ICE partnership (announced Aug. 11) integrates Intercontinental Exchange's financial data feeds, enhancing institutional adoption prospects.
Despite bullish indicators, rising exchange reserves signal potential consolidation. Reserves increased by 300,000 LINK ($7.4 million) recently, suggesting profit-taking preparation. The top 100 LINK addresses show mild distribution, though smart money continues accumulating. Technically, LINK faces resistance at $25.70 with $28.20 and $30.10 as next targets, while supports lie at $24.70, $23.40, and $21.40. A break below $21.40 could invalidate the uptrend.