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Following
LINK Chainlink has recently accelerated its upward trend after fluctuating in the range of US$8.1 to US$8.5 for most of the month. The token is currently trading at $8.75 and has increased by approximately 4% in the past 24 hours. The latest round of gains brought its monthly gain to about 10%. Traders are currently waiting for a breakthrough signal to confirm the bullish structure that is forming.
Close to a major breakthrough
According to CryptoPatel's latest analysis, LINK is approaching a major market round that may hit a target of up to $100. The market observer pointed out that the asset is currently in a bullish order flow, one of the strongest long-term attracting ranges on the chart. Therefore, if the closing price exceeds US$10.87 on a higher time frame, it may open the channel for subsequent shocks of US$25, US$50 or even US$100. However, if the closing price falls below $4.761, this pattern will expire. Standing above $10.87 will also turn the overall structure into a clear bullish position.
TheBoss holds a similar view, believing that LINK is "approaching a decisive juncture." The trader explained that the weekly chart had spent months building a bottom above the long-term support area, and the downtrend line was weighing on the current structure. Compared to previous analysis, this pattern has significantly matured and prices seem closer to potential trend-line breakthroughs. Traders also emphasized that RSI, MACD and ADX are key momentum indicators. If we can break through the downtrend line cleanly, the current structure will be strengthened; while losing macro support will invalidate the form.
LINK has also attracted the attention of Standard Chartered Bank, which believes that if tokenization growth accelerates, it has huge long-term potential and has set a target price for the asset to reach US$200 by the end of 2030.
Exchange outflows, whale movements and network growth
Last week, exchange balances experienced a significant drop, with 1.26 million LINK tokens flowing out in a single day, which may have alleviated the immediate selling pressure. This trend occurs amid multiple developments in institutions and cryptocurrency networks. For example, DTCC lists Chainlink as one of the technology providers for tokenized U.S. securities trading, while CCIP expands support for institutions such as Canton and Robinhood Chain and cryptocurrency networks.
Whale activity has also increased. The network recorded 246 independent transactions worth more than $100,000 in 24 hours, the highest single-day level in five months. Addresses holding 100,000 to 10 million LINK hold a total of 466.31 million tokens, accounting for 46.57% of the total supply. Historically, the activities of these holders have been highly correlated with asset price movements.
