Chainlink (LINK) has surpassed the $21 price level, with analysts identifying $24 as the critical technical threshold that could trigger a substantial rally toward $95. This bullish momentum follows intensified accumulation activities by large investors and accelerating on-chain growth.
Significant whale transactions added approximately $97 million worth of LINK during August, highlighting growing institutional confidence. Concurrently, the newly launched Chainlink Strategic Reserve has accumulated over $1 million in LINK, deliberately reducing circulating supply to bolster long-term token demand fundamentals.
Technical charts indicate a decisive breakout from a multi-year triangular pattern, providing crucial support above the $16–$17 range. Key resistance levels now stand at $21.89 and $23.99; breaching the latter is considered essential for confirming sustained upward potential.
The blockchain’s network activity reinforces this outlook with a 17.73% rise in active addresses and a 15.95% growth in new addresses this month. Sustaining momentum requires LINK to hold above $20 with robust trading volume, an important indicator for confirming investor commitment to the ongoing rally.