Chainlink Whale Volume Surges 5-Month High as Price Tests $8.94 Resistance

Woofun AI reports that Chainlink's price action remained largely inert on August 10, despite Standard Chartered publishing a bullish long-term outlook projecting LINK to reach $13 by the end of 2026 and $200 by 2030. The token traded within a narrow band of $8.22–$8.26, effectively trapped beneath the same technical ceiling that had constrained its movement since late July. This stagnation highlighted the strength of the upper boundary formed by the 100-day simple moving average and the 0.382 Fibonacci retracement level, which buyers failed to breach initially.

The structural shift occurred on August 11, when LINK surged approximately 6.2%, decisively breaking above the 0.382 Fibonacci level at $8.48 and the 100-day SMA near $8.5. This breakout propelled the asset toward the 200-day SMA, marking a significant departure from the preceding consolidation phase. By August 12, Coinbase data showed LINK trading around $8.82, positioning it just below the 200-day average at $8.83. The momentum generated on August 11 was accompanied by a visible pickup in volume, distinguishing this move from the quieter periods of the prior range-bound activity.

The immediate challenge lies in the tight resistance cluster between $8.83 and $8.94, which includes the 200-day SMA at the lower edge and the 0.5 Fibonacci retracement at $8.94. This zone is particularly significant as it overlaps with the area from which LINK's broader decline originated in June. A brief penetration above the 200-day average would be insufficient; the asset must clear the entire $8.83-$8.94 zone and sustain positions above it. Failure to hold above this range would indicate that the move is merely a temporary push through the moving average, likely to stall at the Fibonacci level.

Momentum indicators provide further context for the potential trajectory, with the daily RSI rising to 62.30, a level above the neutral 50 mark but still safely below the conventional overbought threshold of 70. If LINK successfully clears the $8.94 resistance, the next visible target becomes the 0.618 Fibonacci retracement around $9.39. Conversely, rejection from the $8.83-$8.94 zone would redirect focus back to the $8.48-$8.5 support area, where the 0.382 Fibonacci level and 100-day SMA converge. Holding this former resistance on a pullback is critical to maintaining the integrity of the breakout.

Per Woofun AI, on-chain data from Santiment reveals a surge in large-scale activity, with 246 LINK transactions valued at $100,000 or more recorded in a 24-hour period, marking the highest daily count in five months. Wallets holding between 100,000 and 10 million LINK controlled 466.3 million tokens, representing 46.5% of the total supply. Santiment noted balance growth within this cohort, suggesting that major holders were adding exposure rather than merely moving tokens. This accumulation pattern coincides with the five-month high in large transactions, indicating strategic positioning by whales.

The convergence of technical breakout and on-chain accumulation underscores the significance of the current market structure. LINK emerged from its late-July range precisely as large-holder activity and balances strengthened, lending greater substance to the August 11 price move than technical factors alone would suggest. The on-chain signal now faces its definitive test at the $8.83–$8.94 zone: clearing this resistance would validate the whale activity as confirmation of a broader breakout, while rejection would demonstrate that increased positioning has not yet overcome long-term overhead pressure.