TLDR
- LINK price currently trades around $24 after hitting $26 highs, forming a bullish cup pattern
- Over 9,600 new wallets created in 24 hours, reaching 2025 highs for network activity
- Whales accumulated 1.29 million LINK tokens worth $31 million in just four days
- Data Streams product now covers traditional finance assets like Apple and Nvidia stocks
- Technical analysis shows $30.54 as next Fibonacci extension target with strong momentum indicators
Chainlink price currently trades at $24.65 after retreating from recent highs near $26. The cryptocurrency has shown strong recovery since hitting lows below $10 in April 2024.
Technical analysis reveals a bullish cup formation pattern on LINK’s price chart. The resistance zone sits between $26 and $30, matching levels that rejected price action in 2023.
The token maintains position above its 50-day exponential moving average at $18.87. The Average Directional Index (ADX) reads 35.57, indicating strong trending momentum.
Fibonacci retracement analysis shows key support levels at $22.77 and $21.20. The Relative Strength Index trades near 63, suggesting healthy momentum without overbought conditions.
Record-Breaking Network Activity
On-chain metrics demonstrate explosive growth in Chainlink network usage. Data from Santiment shows 9,813 active addresses on August 17, marking the highest level since 2021.
The following day recorded 9,625 new wallet creations, representing a 2025 high for the network. This surge indicates increased retail participation in the LINK ecosystem.
Large investors have also increased their exposure. One whale address accumulated 1.29 million LINK tokens worth $31.15 million from Binance exchange over four days.
This accumulation pattern typically reduces available supply on exchanges. Lower exchange inventory can create upward pressure on token prices.
Chainlink Price Prediction
Chainlink Data Streams has expanded into traditional finance markets. The service now provides real-time price feeds for major stocks including Apple (AAPL), Nvidia (NVDA), and the QQQ ETF.
This expansion beyond cryptocurrency applications could attract institutional clients from traditional finance sectors. The broader utility may support long-term price appreciation.
The network launched Chainlink Reserve, an on-chain mechanism designed to enhance token utility. This strategic addition aims to improve network stability over time.
Social dominance metrics show growing community interest. Chainlink’s social dominance climbed to 1.43%, reflecting increased discussion across cryptocurrency platforms.
The Market Value to Realized Value (MVRV) ratio reached 12.77%, indicating many holders maintain unrealized profits. Historically, elevated MVRV levels can trigger profit-taking behavior.
However, continued whale accumulation may offset potential selling pressure. This creates a balance between profit-taking and institutional buying.
Price action has formed consistently higher lows since June 2024. This pattern suggests underlying demand remains strong despite short-term volatility.
The cup and handle formation typically signals bullish continuation after consolidation periods. A decisive break above $24.77 could trigger momentum toward the $30 resistance level.
Fibonacci extension analysis targets $30.54 as the next major level. Long-term projections suggest potential for $52, though this remains speculative.
Current market structure shows LINK testing critical resistance while network fundamentals strengthen through user growth and product development.
