- In August, whales collected 4.55M LINK ($97M).
- Overcoming $24 resistance can lead to an upsurge to the level of $95.
- The ICE data partnership with Chainlink helps to increase institutional confidence.
Major Chainlink large holders spent $97 million on LINK tokens in August.Such purchase activity indicates a solid level of confidence among whales as LINK is trading at about $21.90, advancing by almost 29% over the last seven days.
Whales Fueling a Tightening Supply Rally
Whales that own between 100,000 and 1 million LINK have boosted their stakes by 4.2 percent or approximately 4.55 million LINK in August alone.
Simultaneously, there has been a substantial 33 million LINK decline in exchange reserves since July. This reduction in supply may trigger a rise in prices as there will be reduced tokens that can be freely traded.
At the beginning of August, LINK secured over one million protocol revenues with the debut of the Chainlink Reserve mechanism. This creates a deflationary effect that supports price strength.
The open interest in derivatives has also jumped by 27% indicating that the major players are preparing to move upwards. The combination of these factors makes the liquidity more restrictive and preconditions a severe rally.
Price Target: $95 on the Horizon?
Source – X
Key resistance is near $24, according to on-chain analyst Ali. The breakthrough here would be followed by a multi-leg rally to the intermediate targets of $31.8 and $52.3 before rising further to the target of $95.
This is a technical structure of the kind, a symmetrical triangle consolidation, that regularly has led to huge pricing movements following a consolidation phase.
According to the charts made by Ali Martinez, LINK may reach the number of 95 dollars, assuming that it manages to gain some value over the price of 24 dollars.
Market participants will have ample opportunity to prepare for future upward thrusts during the multiple retests and consolidations that are expected.
Institutional-Grade Data Partnership Boosts Confidence
Source – X
The next support is given by the Chainlink recent collaboration with a global financial powerhouse, Intercontinental Exchange (ICE) whose operations involve the most important markets such as the New York Stock Exchange.
On-chain forex and precious metals data will be supplied by ICE through Chainlink at a high level of quality.
Maurisa Baumann, ICE VP of Global Data Delivery Platforms, likewise emphasized the importance: We are pleased to collaborate with Chainlink to deliver secure and reliable data to on-chain markets.”
Such a partnership elevates the standard of the data that Chainlink can work with and introduces the possibility of institutional finance to the blockchain.
LINK Is Poised for Its Next Big Leap
All these factors, including technical momentum, whale accumulation, diminishing supply, and strategic collaborations, point out that Chainlink is anticipating a significant breakout.
By and large, assuming LINK will be able to overcome the $24 resistance, the journey towards the $95 level will continue appearing achievable.
The present trade of around 21.90 has already reflected 28.56% gains in a span of one week. With the whales filling up and the institutions ‘co-signing on data reliability, LINK appears to rewrite its historical prices in the near future.
The post LINK Whales Buy $97M, Paving Way for Potential $95 Rally appeared first on Live Bitcoin News.
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