Chainlink (LINK) has just achieved a historic breakout, surpassing a resistance level that had held prices down for three years. At the same time, on-chain data shows that over 5.34 million LINK have been withdrawn from exchanges, signaling strong accumulation by large investors (whales).
A Crucial Breakout – Trend Reversal in Sight
Analysts say this is more than just a technical move. LINK’s breakout from a symmetrical triangle formation dating back to 2021 marks a significant turning point, potentially setting the stage for a new bullish trend.
If LINK can hold the key support around $21 (0.618 Fibonacci level), the path could open toward price targets at $31.57 and $53.07. On the downside, a break below $21 may drag prices back toward $16, undermining the bullish outlook.
Whales Accumulate – Sell-Side Liquidity Shrinks
On September 12, on-chain data recorded a net outflow of 5.34 million LINK from centralized exchanges. Such large withdrawals typically indicate long-term holding strategies or transfers to secure custody wallets, reducing immediate sell-side pressure. This creates a higher likelihood of a supply squeeze if demand increases.
Price Outlook and Key Levels Ahead
Currently, LINK is trading around $24.60 after a slight pullback. If it can secure the $25–$26 range as new support, momentum for further upside will strengthen. Some bullish scenarios even suggest LINK could surpass $100 in the long term, depending on macro market conditions and capital rotation.
Bullish Structure Backed by Strong Fundamentals
LINK’s price structure now shows the classic higher highs and higher lows pattern, a hallmark of bullish momentum. Combined with shrinking exchange balances and rising demand, the technical setup favors continued gains.
Fundamentally, Chainlink’s ecosystem remains robust. According to DeFiLlama, the oracle network secures over $100 billion in total value, with Aave contributing approximately $70.9 billion, or nearly 71% of the total. This highlights the massive real-world demand for Chainlink’s services.
