- Chainlink trades above $21, with $24 seen as the key breakout level for further gains.
- Whale holdings rose by $97M in August, boosting long-term demand alongside Strategic Reserve accumulation.
- On-chain activity strengthens with active addresses up 17.73% and new addresses up 15.95%.
Chainlink has been gaining momentum after breaking key resistance zones and showing strong network growth. Technical and on-chain data suggest that a move above $24 could pave the way toward higher price targets, with analysts projecting long-term potential near $95. At the time of writing, LINK was trading at $21.
Technical Breakouts Signal Strong Upside Potential
According to analysis prepared by Ali Charts, LINK has been trading within a converging symmetrical triangle since mid-2021, with prices moving between higher lows and lower highs. He noted that breaking above $24 would clear resistance and set up the path for a possible rally toward $95.
The weekly chart shows LINK has already broken out of the $16–$18 zone and is holding above reclaimed support levels. Crypto Patel observed that LINK has broken free from a multi-year triangle on the 2-week chart after years of accumulation. Holding above $16–$17 could keep targets at $35, $50, and potentially $100 within reach.
Technical indicators remain supportive. LINK has cleared its 200-day EMA at $17.02, the RSI is near 65, and the MACD shows a bullish crossover. Immediate resistance lies at $21.89 and $23.99, with the $24 breakout level seen as the next major catalyst.
Fundamentals Boost Long-Term Outlook
According to an observation by Javon Marks, LINK’s bullish structure is reinforced by a breakout above long-term descending resistance, projecting an eventual move toward $88.26.
The launch of the Chainlink Strategic Reserve, which has already accumulated over $1 million worth of LINK, is expected to reduce circulating supply and strengthen long-term demand. Whale addresses holding between 100,000 and 1 million LINK have increased their balances by 4.2% in August, adding around $97 million in value.
On-chain activity is also expanding, with active addresses rising by 17.73% and new addresses by 15.95%. Analysts agree that sustained trading above $20 with volume could keep momentum strong, making the $24 level a crucial point to watch for confirmation of a larger rally.
