Chainlink (LINK) is holding steady around the $21.70 mark, with bullish signs pointing to a potential rally. The optimism is fueled by several factors, including major investors, or “whales,” buying up tokens and a tightening supply on exchanges.
On-chain analysis suggests that if LINK can break through the $24 resistance level, it could trigger a multi-stage rally that could eventually lead to a price of $95. This outlook is supported by a long-term symmetrical triangle pattern that has been forming since 2021, a setup that often precedes a sharp, upward price move.
Bullish Indicators:
- Whale Accumulation: Wallets holding large amounts of LINK have increased their holdings by over 4.2% in August, scooping up an additional 4.55 million tokens valued at about $97 million.
- Shrinking Supply: The number of LINK tokens available on exchanges has dropped by 33 million since July, creating a supply squeeze that could amplify price increases if demand continues.
- Rising Open Interest: Derivatives open interest has surged by 27% to $1.06 billion, indicating that big players are placing bets on the price continuing to rise.
According to analysts, the path to $95 would not be a straight line. The initial target after a breakout above $24 would be $31.80, followed by a push to $52.30. Each step would likely involve periods of consolidation before the next leg of the rally. With the technical and fundamental indicators aligning, the market appears to be set for a potential breakout that could end Chainlink’s multi-year sideways trading.
August 2025, Cryptoniteuae
