Chainlink LINK Eyes $30 Breakout as Whale Accumulation and Network Activity Hit Multi-Year Highs

Chainlink LINK News - Chainlink's LINK token has pulled back to $24.65 after briefly surpassing $26 earlier this month, forming a bullish cup-and-handle pattern that technical analysts suggest could propel prices toward $30.54. The rebound follows an April low below $10, with the token now trading comfortably above its 50-day moving average at $18.87. On-chain metrics reveal aggressive accumulation by large holders, with whales scooping up 1.29 million LINK worth $31 million over four days. Network activity mirrors this enthusiasm - 9,813 active wallets transacted on August 17, marking the highest participation since 2021, while over 9,600 new wallets were created in a single day. The ADX indicator's 35.57 reading confirms strong directional momentum, while an RSI of 63 avoids overbought territory. Key support levels sit at $22.77 and $21.20 Fibonacci retracement zones. Chainlink's expansion into traditional finance through Data Streams, now tracking equities like Apple and Nvidia, adds fundamental support to the technical case.