Chainlink (LINK) has demonstrated significant bullish momentum, surging 34% in price over a seven-day period to break through key resistance levels. The token climbed from around $16 to surpass $23, buoyed by substantial investor activity.
Market indicators underscore the strong buying pressure. Trading volume increased by 6.07% over the last day, reaching $1.51 billion. Furthermore, large investor accumulation, often referred to as whale activity, saw an extraordinary increase of 868% throughout August, significantly fueling optimistic market sentiment.
Technical analysis suggests potential for continued upward movement. The Relative Strength Index (RSI), currently positioned at 65.71, indicates LINK is not yet overbought, leaving room for further appreciation. Chainlink’s fundamental role as a leading decentralized oracle network, providing critical data feeds primarily for Ethereum-based decentralized applications (dApps), continues to underpin its utility and market demand.