Chainlink (LINK) has surged nearly 15% in the past week, breaking through a long-standing resistance zone between $25 and $26.
At the time of writing, LINK trades around $24.2, marking its highest level in seven months. The move came with strong trading volume, confirming a bullish breakout above the 200-day moving average.
Whale accumulation has played a pivotal role in fueling the rally. On-chain data reveals that large holders scooped up 1.1 million LINK, valued at approximately $27 million, mover the past seven days.
The top 100 wallets also increased their holdings by more than 12%, signaling renewed confidence from institutional and high-net-worth investors.
Wallet creation and transaction spikes are widely viewed as indicators of healthy adoption. For Chainlink, these metrics suggest that both retail and institutional demand are rising in tandem, potentially supporting more sustainable price growth.
The renewed activity also coincides with the launch of the Chainlink Reserve, a smart contract treasury absorbing tokens from enterprise integrations, which adds deflationary pressure on circulating supply.
Partnerships with giants like Intercontinental Exchange and SWIFT continue to reinforce its institutional relevance.
Analysts now see $29–$30 as the next major resistance zone. A retest of $20 remains possible if sentiment weakens, but bullish traders argue the momentum is unlikely to fade quickly. Some forecasts even extend mid-term targets to $33–$38, with long-term projections stretching toward $57 and beyond if adoption accelerates.
As Chainlink cements itself as the leading oracle provider and expands its role in tokenized markets, investors are asking the key question: Is $30 just the beginning of LINK’s next major bull run?
Cover image from ChatGPT, LINKUSD chart from Tradingview
