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Chainlink (LINK) has broken above the $9.04 resistance level that had capped its price since June, reaching a high of $9.73 before settling around $9.45 on August 15, 2026. The move marks a clear shift from the consolidation range that followed a recovery from lows near $7, and it comes alongside a spike in whale activity not seen in five months.
Breakout from Consolidation: What Changed?
The daily chart shows LINK pushing decisively above the upper trendline of a rising structure that had been forming since June. The breakout candle drove prices to $9.73, and the current level of $9.46 indicates buyers are holding above the previous resistance rather than being rejected. This is a technical shift that traders have been watching since the token recovered from the $7 range.
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The Chaikin Money Flow (CMF) sits at 0.18, confirming positive money flow into the asset. The Relative Strength Index (RSI) has climbed to 71.40, reflecting strong bullish momentum—but it also signals that the rally is becoming stretched. An RSI above 70 often precedes a short-term pullback or consolidation, even in a broader uptrend.
Whale Accumulation Reaches Five-Month High
Santiment data highlights a notable increase in large-holder activity. On-chain data shows 246 whale transactions exceeding $100,000, the highest count since March. Simultaneously, wallets holding between 100,000 and 10 million LINK now control 46.57% of the total supply—approximately 466.31 million LINK. This accumulation trend, occurring as LINK moved toward and then above $9.04, suggests that larger market participants are positioning for further upside.
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The timing is significant: whale activity picked up during the breakout, not during the earlier decline. Combined with the technical breakout and positive money flow, this provides a stronger foundation for LINK’s push toward the next resistance levels.
Key Levels to Watch
- $9.04 — Breakout level, now acting as primary support. Holding above this is significant.
- $9.97 — First major resistance target for bulls.
- $10.00 — Psychological barrier; a clean move through could strengthen sentiment.
- $10.80 — Next significant resistance if LINK clears $9.97 and holds above $10.
- $8.58–$8.49 — Support zone; a deeper pullback here could still preserve the broader recovery structure.
What This Means for LINK Holders
The combination of a confirmed technical breakout, positive money flow, and increased whale activity paints a bullish picture for Chainlink. However, the RSI above 70 suggests the market may need to cool off before attempting a move toward $10. A short-term pullback to retest $9.04 would not necessarily invalidate the breakout, provided buyers defend that level.
If LINK can sustain momentum and clear $9.97, the psychological $10 mark becomes the next battleground. Beyond that, $10.80 is the next major hurdle. A failure to hold above $9.04 would raise questions about whether the breakout was a false move, potentially leading to a retest of the $8.58–$8.49 support zone.
For now, the market is watching whether LINK can turn this breakout into a sustained trend rather than a temporary spike. The coming sessions will be critical in determining whether the recent accumulation by large holders translates into a move toward $12, or whether profit-taking at overbought levels triggers a pullback.
This article is for informational purposes only and does not constitute financial advice. Cryptocurrency markets are highly volatile; always conduct your own research before making investment decisions.
Source: Coinpedia
