Whale Sends $9.23 Million to Coinbase After Rally

TLDR

• LINK rallied 14.7% this week, breaking above $8.90 resistance and topping $9.60 before easing to $9.43.
• A whale moved 984,550 LINK (about $9.23 million) to Coinbase after building a 2.41 million LINK position over the past month.
• Open interest climbed near $690 million, showing leverage is helping drive the move.
• Chainlink is set to join a White House meeting on August 19, alongside other crypto firms.
• LINK is testing a multi-year descending trendline near $9.50-$10.00, with support at $7.50-$8.00.

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Chainlink’s LINK token has climbed 14.7% over the past week. The price broke above $8.90 resistance before touching $9.60. It has since pulled back to trade around $9.43.

The breakout came with a jump in trading volume. LINK moved up from near $8.20 before clearing the resistance zone. The price has held above that former resistance level even after the pullback.

The Relative Strength Index (RSI) sits at 64.45. That reading shows momentum has slowed but still leans bullish. It suggests buyers have not lost control yet.

Open interest in LINK futures rose to about $690 million. That means leverage played a role in pushing the price higher. Funding rates stayed mildly positive, which points to less crowding in the market.

Whale Moves LINK to Coinbase

A large LINK holder sent 984,550 tokens, worth about $9.23 million, to Coinbase. This transfer came after the same wallet built up 2.41 million LINK from Binance over the past month.

The wallet still holds 1.43 million LINK, valued near $13.43 million. Moving tokens to an exchange does not always mean a sale is coming. But it does raise the chance of new selling pressure above the current price.

Traders are watching whether more LINK reaches exchanges. If the wallet keeps its remaining holdings, the risk to the breakout would stay limited.

Chainlink is scheduled to join a White House meeting on Wednesday, August 19. The event places Chainlink alongside Coinbase, Ripple, and other companies in policy talks.

Futures activity has grown faster than spot trading ahead of the meeting. This does not confirm the event caused the rally. It may just be encouraging traders to hold positions instead of taking profits early.

LINK Tests a Multi-Year Trendline

Crypto analyst Crypto King pointed out that LINK is testing a descending trendline that has capped its price since the 2021 peak. In a post on X, the analyst said LINK bounced from the $7.50-$8.00 support zone and is now pushing toward $9.50-$10.00 resistance.

A clean break above that zone could end the pattern of lower highs, according to the analyst’s post. That would mark a shift from the multi-year downtrend.

Standard Chartered has forecast LINK could reach $200 by 2030. The bank pointed to growing use of blockchains and oracle networks as the reason behind that forecast.

Chainlink also shared news about its role in tokenized stocks. In a post on X, the Chainlink account said its CCIP technology now supports xStocks-tokenized U.S. equities and ETFs on Hyperliquid.

That setup connects a stock market worth more than $150 trillion to blockchain trading. Users on Hyperliquid can now access tokenized shares next to crypto perpetual contracts on the same platform.

LINK traded at $9.40 with a 24-hour volume of $246.14 million and a market cap of $7.03 billion, based on CoinMarketCap data. The token was down 1.63% over the prior 24 hours at the time of that reading.

The post Chainlink (LINK) Price: Whale Sends $9.23 Million to Coinbase After Rally appeared first on Blockonomi.

Source: https://blockonomi.com/chainlink-link-price-whale-sends-9-23-million-to-coinbase-after-rally/