Chainlink Price Surges Past $21, Can LINK Hit $26?
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The post Chainlink Price Surges Past $21, Can LINK Hit $26? appeared first on Coinpedia Fintech News
Chainlink has grabbed the market’s attention by making it to the top gainers list after surging 13.83% in the last 24 hours. This, while maintaining a 32.25% gain over the past week. LINK’s rally has been fueled by both strong technical signals and on-chain catalysts. Central to this bullish momentum is the launch of Chainlink’s new reserve mechanism. This was alongside significant whale and institutional inflows that could redefine its mid-term trajectory.
Why Is LINK’s Price Up Today?
The Chainlink Reserve, launched on August 7th, has already locked over $1 million worth of protocol revenue into LINK. This mechanism creates a deflationary loop that holds the potential to sustain price strength over time.
On the other hand, whale wallets holding 100k–1M LINK expanded their balances by 4.2% in early August, adding 4.55 million LINK worth ~$97 million. Meanwhile, derivatives open interest rose 27% and trading volume spiked 271% to $2.7 billion, signaling strong positioning without excessive leverage risks.
Chainlink Price Analysis:
Chainlink price is now at $21.41, with a $14.52 billion market cap and $1.33 billion in daily trading volume. LINK’s breakout above the $21 psychological barrier marks a confirmed shift in market structure. After hitting 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 the 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.
That being said, the immediate upside targets are $21.89 and $23.99, which is the June high. A sustained push could open the door to the $26.20 resistance zone. Contrarily, the LINK price could plummet to the lows of $19.51, followed by $17.64. That being said, deeper correction could take the price to $15.83.
FAQs
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.
While the supports are at $19.51, $17.64, $15.83, resistances are at $21.89, $23.99, and $26.20
The price of 1 LINK token at the time of press is $21.41.
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