Chainlink (LINK) is seeing a surge in whale activity, signaling a possible continued upside move for the token.
On-chain data shows LINK has experienced increased purchases and withdrawals from centralized exchanges in recent days, suggesting an accumulation phase.
For instance, one whale wallet withdrew 510,000 LINK, worth about $11.13 million, from Binance over the past two days, later depositing the tokens into the lending protocol Compound.
Two other large addresses made significant acquisitions: one spent $1.34 million to buy 59,560 LINK, while another purchased 44,846 LINK for $1 million, according to the latest data from Arkham Intel, retrieved by Finbold on August 11.
Such activity is often seen as a bullish signal. In this case, large-scale accumulation reduces the available supply on exchanges, potentially creating upward pressure on prices.
This accumulation comes amid signs of an emerging altcoin season, as Bitcoin’s dominance slips and more altcoins outperform. Such periods often see capital flow into strong projects, making Chainlink, vital to DeFi and real-world data, a prime target for investors.
LINK price analysis
By press time, LINK was trading at $21.86, up about 1.2% in the last 24 hours, while on the weekly timeframe, Chainlink has rallied over 30%.
Based on recent price action, cryptocurrency trading expert Michaël van de Poppe noted that Chainlink appears to be setting up for a significant bullish move.
Specifically, LINK is breaking above key resistance levels, with a higher-low structure confirming a broader bullish trend. His analysis highlighted a “bull market breakout structure” just above the $20 mark, suggesting that a decisive move could open the path toward $30 and beyond.
However, he noted that any dip into the $18 and $20 range presents an attractive accumulation opportunity, supported by the token’s perceived undervaluation and ongoing ecosystem updates.
The possibility of further upside for LINK is supported by the fact that the asset is currently trading above both its 50-day simple moving average (SMA) of $16.24 and its 200-day SMA of $14.00, indicating strong bullish momentum.
However, the 14-day RSI stands at 72.72, signaling overbought conditions and the potential for a short-term pullback despite the prevailing uptrend.
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