Chainlink (LINK) is making headlines in the crypto market today as its price hovers around $26, showing renewed momentum despite overall market uncertainty. Traders and investors are closely watching the asset’s movement as it approaches a crucial resistance zone that could dictate the next big trend. With both technical signals and fundamental drivers aligning, LINK’s price action is attracting significant attention from retail traders and institutional players alike.
Investors and Whales Are Buying More LINK
Beyond the charts, on-chain data shows that investors are quietly building their LINK positions. Nearly $4.5 million worth of LINK has been moved out of exchanges today, meaning holders prefer to store it rather than sell. This is usually a bullish sign because it reduces selling pressure.
Trading activity has also been strong. August is on track to cross $30 billion in monthly volume, which reflects higher demand compared to July. Big investors (“whales”) and institutions are adding to their holdings, suggesting they expect higher prices in the future. This steady accumulation is giving LINK a solid foundation for growth.
Chainlink Price Nears a Key Resistance
The weekly chart of Chainlink price shows the token to have risen above an important resistance at $24.2. Moreover, the weekly open was above this range, which hinted towards the rising dominance of the bulls. Nevertheless, the price is experiencing equal pressures on both sides, suggesting a massive price compression that usually results in a bullish breakout.
As seen in the above chart, the LINK price is trading within the rising parallel channel and has risen above the average range. The price is trading above the Ichimoku levels but the cloud is still bearish. On the other hand, the weekly RSI is displaying a bearish divergence before entering the overbought zone. This raises some concerns that if RSI continues to drop, the Chainlink price may slide below the average range. Therefore, it appears that the price is expected to retest the resistance-turned-support at $24.2 and squash the selling volume.
Therefore, the Chainlink (LINK) price continues to remain under bearish influence. Until the levels are sustained above the support, there are hopes of a strong rebound that may elevate the levels to $30 in the short term.
