Chainlink (LINK) is demonstrating strong bullish signals as large investors aggressively accumulate tokens and network activity reaches unprecedented levels. The price currently trades around $24 after briefly surpassing $26 earlier this month, representing a significant recovery from April lows below $10.
Whale activity has been particularly notable, with one address accumulating over 1.29 million LINK tokens worth $31.15 million from Binance in just four days. This substantial accumulation occurred as LINK retested $24 levels, indicating confidence among large holders despite short-term volatility.
Network metrics show explosive growth, with 9,813 active LINK addresses making transactions on August 17—the highest since 2021. The following day saw 9,625 new wallets created, both figures representing 2025 records for the network. This surge in wallet activity suggests growing retail participation and typically aligns with increased capital inflows.
Technical analysis reveals a bullish cup formation with resistance between $26 and $30, a zone that previously acted as a rejection point in 2023. LINK remains above its 50-day moving average at $18.87, with the ADX indicator reading 35.57 showing strong directional momentum. The RSI trades near 63, indicating momentum without overheated conditions. Key support levels sit at $22.77 and $21.20 based on Fibonacci retracement, while the next Fibonacci extension targets $30.54.
Product development continues to expand utility with Chainlink Data Streams now providing real-time feeds for traditional finance assets including Apple, Nvidia, and the QQQ ETF. This expansion into equity markets broadens Chainlink's utility beyond crypto applications and could attract new institutional users. The network also launched Chainlink Reserve, an on-chain mechanism designed to strengthen token utility and improve long-term network stability.
Social dominance metrics climbed to 1.43%, reflecting growing buzz across crypto communities. However, MVRV data shows many holders sitting on unrealized gains of 12.77%, which historically creates selling pressure as investors lock in returns. The balance between profit-taking and continued whale accumulation will be crucial for determining whether LINK can break through resistance toward the $30 target.