Key Takeaways
- LINK price jumped 4% to $8.74, marking a weekly increase of approximately 7%
- Large wallet transactions reached a 5-month peak with 246 transfers exceeding $100,000 recorded in one day
- Major holders now possess 46.57% of LINK’s circulating supply
- The token successfully breached a prolonged downtrend on August 11, setting sights on $10.87 and $12.20
- Futures market volume surged 52% to $524.77 million as open interest climbed 13%
Chainlink (LINK) has captured renewed market attention following a significant spike in large holder activity and a decisive technical breakout that has ended months of downward pressure.
The cryptocurrency climbed 4% to reach $8.74, pushing its seven-day performance to approximately 7% gains. This positions LINK as one of the stronger assets in today’s trading environment.
The asset continues to maintain its position above the crucial $8 support zone, reinforcing a constructive near-term outlook.
Major Holders Drive Transaction Volume
According to analytics from Santiment, Chainlink witnessed 246 individual transactions valued above $100,000 within a 24-hour window. This represents the highest single-day whale transaction count observed over the past five months.
Addresses containing between 100,000 and 10 million LINK tokens currently hold a combined 466.31 million tokens. This concentration represents 46.57% of the entire circulating supply.
Historically, these substantial holders have demonstrated trading patterns that align with significant price movements, making current activity levels particularly noteworthy for market participants.
Trading analyst Michaël van de Poppe provided technical commentary on LINK’s chart structure, noting the formation of consecutive higher highs and higher lows against Bitcoin. He suggested the upward momentum appears sustainable and that LINK remains undervalued at present levels.
On August 11, LINK decisively broke through a months-long descending trendline that had persisted since early 2026. The cryptocurrency started the year trading at $12.20 and subsequently entered a seven-month period characterized by declining peaks and troughs.
The annual low of $6.996 was established on June 6, marking the turning point before the current recovery phase began.
Critical Resistance Zones Ahead
The immediate resistance barrier is located at $10.87. This level represents a protected high that previously defined the bottom formation structure.
Successfully clearing that threshold would position LINK for a potential challenge of the yearly peak at $12.20. Should current support fail, the token could retrace toward $8.50 or $8.30.
Technical indicators show the Relative Strength Index positioned at 69, approaching overbought territory. Meanwhile, the Chaikin Money Flow registers 0.24, indicating robust capital accumulation.
Derivatives markets reflected the bullish momentum. Trading volume expanded 52.33% to reach $524.77 million, while open interest increased 13.21% to $540.34 million.
Standard Chartered Bank recently issued a long-term forecast of $200 for LINK by 2030, positioning Chainlink as essential infrastructure supporting an anticipated $4 trillion tokenization market expected by 2028.
Current network statistics show Chainlink has processed over $33 trillion in cumulative transaction value as of August 2026, while securing more than $48 billion in total value locked across its ecosystem.
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