After a volatile week, Chainlink (LINK) is demonstrating strong bullish signals, supported by both technical indicators and on-chain data. The price is currently holding above key moving averages, suggesting that buyers are in control, while momentum indicators point to sustained strength.
On-chain data highlights a significant trend of whale accumulation. A large whale address recently withdrew 510,000 LINK (worth approximately $11.13 million) from Binance, moving it into Compound as a long-term holding strategy. Other large investors have also made substantial purchases, reinforcing market confidence and potentially fueling a price breakout.
Key price levels to watch include:
- Resistance: The immediate challenge is at $23.83, with stronger resistance at $25.17 and $25.42. Breaking past these levels could lead to a rally toward $27.00 and potentially $30.00. A notable “ask wall” of nearly 37,000 units at $25.00 is a critical barrier for bulls.
- Support: Strong support is in place at $20.01, $19.35, and $18.26. The $20.00 level, in particular, is fortified by over 42,000 units in buy orders, acting as a crucial safety net.
The order book shows a significant battle between buyers and sellers at these levels. While whale accumulation currently favors the buyers, the short-term trend will be decided by whether the price can break through these key resistance or support zones. Traders are advised to look for a breakout above $23.83 for potential long positions, while a rejection at that level could offer opportunities for short-term sellers.
August 2025, Cryptoniteuae
