- ChainLink (LINK) has climbed more than 15% over the past week, reaching its highest point in seven months.
- Significant buying and withdrawals by large investors, or whales, have increased, indicating possible accumulation.
- The launch of the Chainlink Reserve aims to support the network’s long-term growth and has already collected over $1 million in LINK tokens.
- Market analysts see a break above $24 as key for LINK to begin a possible move to $31.80 and higher.
- Recent whale transactions and network upgrades are seen as possible drivers for LINK’s continued rally.
Chainlink (LINK) has seen a price surge of over 15% during the past week. The cryptocurrency surpassed the $21 mark, reaching its highest level in seven months. This recent jump is linked to increased trading activity, particularly among larger investors known as whales.
Data from on-chain activity shows whales have been purchasing and withdrawing significant amounts of LINK from centralized exchanges. For example, one wallet removed 510,000 LINK—valued at about $11.13 million—from Binance and later deposited those tokens into Compound, a decentralized lending platform. Two other addresses made notable acquisitions: one buying 59,560 LINK for $1.34 million, and another purchasing 44,846 LINK for $1 million, according to Arkham Intelligence.
Chainlink also unveiled the Chainlink Reserve, a new initiative meant to help grow and sustain the network over the long term. The reserve collects LINK tokens using revenue from off-chain sources, like large businesses, and had already gathered more than $1 million in LINK in its early stage. The team behind Chainlink says it does not expect to withdraw from the reserve for several years.
Analyst Ali Martinez highlighted a symmetrical triangle pattern on LINK’s price chart, which often signals a possible multi-stage rally. Martinez believes a steady price above $20 and a breakout beyond $24 could trigger moves first to $31.80, then potentially to $52.30, with final targets reaching as high as $95. The analyst states, “Chainlink $LINK breaking above $24 clears the way for a massive bull rally to $95!”
LINK’s activity comes as Bitcoin returned to the $120,000 level, contributing further momentum to the altcoin market. Each stage of LINK’s potential rally may involve further price tests and periods of consolidation, following historical behavior linked to symmetrical triangle chart formations.
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