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Following
LINK LINK maintains key moving average support, analysts focus on the US$9.50 breakthrough.
LINK prices remain above the 50-day moving average and 200-day moving average, and US$9.50 will become the next key resistance level. A breakthrough of US$9.50 may push prices towards US$10, while the US$10.45 -10.90 region remains the main resistance range.
Nearly 290,000 LINKS (worth approximately US$2.74 million) were transferred from Binance to a Gnosis Safe multi-sign wallet.
Chainlink is currently above its key moving average, and analysts are watching whether LINK can break through $9.50 and approach $10. Analyst Michael van de Poppe raised possible bargain-hunting prices, while Onchain Lens reported that 289,760 LINK were transferred to self-managed wallets. Meanwhile, after strong gains in late July and August, LINK is currently trading at around $9.396.
Analysts track LINK's next price target
Van de Poppe said that if Bitcoin fails to exceed US$63,400, investors may consider buying LINK at a later stage. He also pointed out that if LINK fell below $10, he would still keep an eye on it. The 50-day moving average is currently at $8.84, and the 200-day moving average is at $8.48. It is worth noting that the 50-day moving average has exceeded the 200-day moving average after turning upward. Trading volume also increased in the latest round of gains. The next resistance level is around $9.48-$9.50, followed by the $9.97-$10.00 area.
Historical resistance remains between $10.45 and $10.90. These prices were formed as LINK climbed towards May highs.
Nearly 290,000 LINK were transferred to self-managed wallets
Onchain Lens reported that 289.76 million LINKS, worth approximately $2.74 million, were transferred from a wallet address. The tokens were transferred to a Gnosis Safe multi-signature wallet two hours before the report was released. According to Onchain Lens, the wallet has gradually accumulated these LINKS from Binance in the past month.
This transfer transfers tokens from the exchange to the multi-signature wallet. Analyst Quinten also highlighted three characteristics of institutional stablecoins: proof of reserves, cross-chain connectivity, and on-chain identity and compliance.
Quinten described these three elements as three elements needed for institutions to use stablecoins. As he made these comments, LINK was still trading above its two key moving averages.
LINK's recovery faces key resistance
LINK hit about $10.90 in early May, then fell to around $7.20 in June. This area in June later became the main support area. Starting at the end of June, the token reached a higher low and then broke through the $8.00 -8.50 range. Prices accelerated in August. 
This trend makes US$8.84 the first support level. Below this level, the $8.48 and $8.00 -8.20 areas provide additional support. If LINK breaks through $9.50, the next targets will be $10.00 and $10.45 -10.90. However, if a continued break below $8.84, it could expose the $8.48 support level and weaken the technical structure.
