Chainlink (LINK) Gains Momentum as Whales Accumulate and Technical Breakout Confirmed

Chainlink's LINK token has surged 14% to $19.34, driven by aggressive whale accumulation and a confirmed technical breakout. Since early August, 27 new whale wallets holding 100K-1M LINK have emerged, adding 0.67% of the total supply—the most concentrated buying pressure in months.

The rally coincides with a decisive breakout from a multi-month descending channel, now retested as support. Daily charts show strong momentum with RSI at 62.75 and rising volume, indicating institutional confidence in LINK's long-term prospects. Derivatives activity and the chainlink Reserve launch further bolster the bullish outlook.

Market observers note this accumulation pattern mirrors pre-breakout positioning seen in previous bull cycles. The $18 level has transitioned from resistance to support, with on-chain data suggesting whales are positioning for extended upside.