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- Chainlink is close to breaking a 4-year barrier with the price now pegged around $22.68.
- A large investor bought 932,000 LINK in three days at about $23 each.
Chainlink is drawing attention in the market as the token pushes against a resistance level that has held for more than four years. At the same time, a large holder has been buying heavily, adding almost one million LINK in just three days. These two developments have set the stage for what could be a turning point for cryptocurrency.
Chainlink Nears Long-Term Resistance
Chainlink’s price has been stuck under the same trendline since it peaked years ago. Each time it tried to break through, it fell back and went quiet for a long time. Now it is back at that line again, and traders are watching to see if it can finally push higher.
On August 18, Chainlink traded at about $22.68, gaining a little more than 3% in one day. The rise was matched by an increase in trading volume, showing more activity around the token. Analysts believe that if the price can climb above $24 and hold, the next target could be $30. This is a level seen as both technical resistance and a psychological mark for investors.
Market signals have also been pointing upward. As detailed, the Moving Average Convergence Divergence (MACD), a tool used to track momentum, has shown a bullish crossover.
Another indicator, the Chaikin Money Flow, stood at 0.17, meaning more money is flowing into Chainlink than out. Traders often see such signs as confirmation that buyers are gaining strength.
Even with the optimism, there is caution. Breakouts are often followed by short pullbacks or pauses, and traders say these can serve as points to buy if volume and demand remain steady. These projections come amid huge partnership breakthroughs for Chainlink.
As we covered in our latest report, Chainlink recently formed a partnership with Intercontinental Exchange (ICE) to bring foreign exchange and precious metals rates onto blockchain platforms.
Whale Buys 932,000 LINK in Three Days
Alongside the technical picture, on-chain data has revealed heavy buying by a major holder. A whale address withdrew $5.45 million worth of LINK from Binance shortly before the report. In total, the wallet picked up 932,000 LINK in three days at an average price of $23.46, worth about $21.88 million.
Large-scale purchases like this often show confidence in future gains. The whale’s average buy level also sets what many traders see as a support area around $23. If the price moves higher, it could confirm the strategy and encourage more buying from others in the market.
The mix of strong buying activity and a test of long-term resistance has brought fresh focus to Chainlink. Traders now wait to see if the token can clear the barrier that has limited it for years and open the way to a sustained rally. As of writing, Chainlink’s price is trading at $24.55, up 3.2% in 24 hours.
As reported earlier, the oracle protocol has launched the Chainlink Reserve. It is a decentralized system that collects LINK tokens to support the network’s growth and long-term stability. As we noted in our earlier coverage, many market participants believe that this could further drive its price to $30.
