Chainlink has captured market attention with a sudden surge of 13.83% in the last 24 hours, contributing to a 32.25% increase over the week.
Why Is LINK’s Price Up?
The launch of the Chainlink Reserve on August 7th has locked over $1 million in protocol revenue into LINK. This mechanism creates a deflationary loop to sustain price strength over time.
Additionally, whale wallets holding 100k–1M LINK have increased their balances by 4.2% in early August, adding 4.55 million LINK worth ~$97 million. Derivatives open interest rose by 27% and trading volume surged by 271% to $2.7 billion, indicating strong positioning without excessive leverage risks.
Chainlink Price Analysis
As of now, LINK is priced at $21.41, with a market cap of $14.52 billion and a daily trading volume of $1.33 billion. The breakout above the psychological barrier of $21 signals a confirmed shift in market structure. After reaching a daily high of $21.24 and a low of $18.78, the asset now sits above multiple strong support levels.
LINK’s price action has decisively cleared the 200-day EMA at $17.02 and broken long-standing descending resistance at $18.40. The RSI at 65.56 shows healthy momentum without slipping into overbought territory, while MACD confirms a bullish crossover.
Immediate upside targets are $21.89 and $23.99, the June high. A sustained push could open the door to the $26.20 resistance zone. On the contrary, LINK price could drop to lows of $19.51, followed by $17.64.
FAQs
Why is Chainlink price surging? The launch of the Chainlink Reserve, which locks protocol revenue into LINK, combined with whale buying and a major technical breakout above key resistance, has fueled the price surge.
Where is Chainlink price heading next? Supports are at $19.51, $17.64, and $15.83, while resistances are at $21.89, $23.99, and $26.20.
What is the price of 1 LINK token? The price of 1 LINK token at the time of press is $21.41.
Increasing interest in Chainlink and its innovative mechanisms are forming the foundation for LINK’s positive price dynamics, making it a favorite in the crypto market.
