The Chainlink ($LINK) value has successfully emerged from a consolidation phase that has persisted since June. After bouncing back from lows near $7, $LINK surged past the $9.04 resistance mark and is currently trading around $9.45. This shift indicates a notable change in its short-term technical outlook. This breakout is also coinciding with a rise in on-chain activity from large asset holders. The next challenge lies in maintaining this momentum rather than merely surpassing resistance levels temporarily.
With $9.97 now representing the next significant barrier and momentum indicators showing improvement, attention turns to whether buyers can drive $LINK towards the $10 mark and beyond.
$LINK Breaks Free from Consolidation Phase
The most recent daily chart reveals that $LINK has decisively broken above the $9.04 upper trendline of the earlier rising structure. The breakout candle peaked at $9.73, with $LINK presently around $9.46, indicating that buyers have managed to surpass this previous resistance area without experiencing setbacks.
The Chaikin Money Flow (CMF) stands at 0.18, indicating a positive money flow, while the Relative Strength Index (RSI) has risen to 71.40, signaling strong bullish momentum. However, the RSI having crossed above 70 suggests the rally may be stretching in the short term, potentially leading to a period of consolidation or profit-taking. Despite a confirmed technical breakout, positive money flow, and heightened whale activity creating a bullish scenario, maintaining positions above $9.04 is crucial for validating the sustainability of this breakout.
Increased Whale Activity Reaches a Five-Month Peak as Large Holders Accumulate
According to Santiment data, there have been 246 whale transactions exceeding $100,000, marking the highest activity level since March. Additionally, wallets holding between 100,000 and 10 million $LINK account for 46.57% of the total token supply, which translates to approximately 466.31 million $LINK. This uptick in activity among larger holders suggests that significant market players are becoming more involved as $LINK recovers in price.
Whale activity has increased as $LINK approached and broke above the $9.04 resistance, rather than earlier in the decline. When combined with the technical breakout and positive money flow, these data points create a stronger foundation for $LINK’s ascent towards the $9.97 and $10 thresholds.
Key Levels to Monitor
- $9.04 — Breakout Level: This level has now become essential support. Staying above it will fortify the breakout structure.
- $9.97 — Initial Major Target: This is the next critical resistance and the immediate upside goal for bullish traders.
- $10.00 — Psychological Barrier: A clear movement beyond $10 would likely enhance bullish sentiment.
- $10.80 — Significant Resistance: Should $LINK clear $9.97 and hold above $10, this will become the next vital target.
- $8.58–$8.49 — Support Zone: A deeper retracement into this range could still uphold the broader recovery structure, given that buyers defend it effectively.
The Takeaway—Can Chainlink ($LINK) Price Surpass $11?
The price of Chainlink ($LINK) has transitioned from consolidation into breakout mode, now resting above the $9.04 resistance with momentum supported by positive CMF and increased whale transactions. The immediate test is at $9.97, followed by the psychological barrier at $10 and potentially $10.80 if buying pressure remains robust. However, with RSI already above 70, a short-term retracement or consolidation could happen. As long as $LINK stays above $9.04, the breakout appears valid; a sustained decline below this level would raise concerns regarding the authenticity of the breakout.