Chainlink Hits $24 for First Time Since February, Analyst Now Targeting $29

The Chainlink price climbed to its highest level since February as whale activity surges, data from Santiment revealed.

In a post on X, on-chain analytics platform Santiment noted that Chainlink reached $24 earlier this week, marking its highest price since February 2. This move came during a five-day rally this month that saw increased market activity from large holders. 

Whale Transactions Surge During Rally

Specifically, transactions valued above $100,000 surged sharply during the rally. Between August 9 and 12, Chainlink recorded an average of 713 whale transactions per day, one of the highest activity levels for large-value transfers in the past three months. This increase in high-value transactions coincided with LINK’s price acceleration from below $20 to the $24 level.

As of this press, Chainlink trades at $24.28, an impressive 13% surge in the past 24 hours. LINK has been on a bullish journey this past week, recording a 50.8% uptick. 

Chainlink’s Exchange Balances Decline by Nearly 10%

Alongside the price rise, LINK’s exchange supply dropped significantly. Over the past eight weeks, since June 17, the amount of LINK held on centralized exchanges fell by 20.69 million tokens, representing a 9.8% decrease. Exchange balances moved from approximately 211 million LINK in mid-June to the current level of 191 million, signifying a reduced selling pressure and possibly a more bullish move. 

Notably, from mid-May to early July, LINK traded in a relatively narrow range of $12.51 and $15.72, with occasional volatility and moderate whale transaction activity. In mid-July, prices began trending higher, breaking above $18.93 in late July. The upward momentum accelerated to above $20.53, coinciding with the spike in whale transactions and reduced exchange balances. 

Experts Predict Chainlink to Reach $29

Meanwhile, crypto analyst Ali Martinez has identified $29 and $46 as the next major price targets for Chainlink, citing a bullish breakout above the $20.12 Fibonacci resistance level. His latest chart shows LINK’s first upside objective aligning with the 1.00 Fibonacci extension at $29.12.

The second target is near the 1.272 extension at $46, which also coincides with the upper boundary of a long-term ascending price channel. Martinez’s outlook suggests that as long as LINK holds above $20.12, the path remains open for a continued rally towards new highs.

Interestingly, analyst trader Rocko projects a similar move. A chart shared by the analyst shows Chainlink breaking out of multiple downtrend structures and reclaiming key support at $19, with price now pressing into what he calls the “last resistance before new all-time highs.” 

Rocko projects a next target of $30 if it maintains key resistance above $19, coinciding with an earlier prediction. Notably, Chainlink’s all-time high stands at $52.88 from May 2021. This high was followed by a plunge to a low below $5, but LINK has since recovered from this floor to the current price.