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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.
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.
