Chainlink (LINK) Breaks Past $29 Resistance as Whale Activity Surges

Chainlink (LINK) has reached a significant milestone, breaking past $29 for the first time in over three years. This rise has attracted attention across the crypto space

Chainlink (LINK) price soared past $29 for the first time in over three years on Monday, attracting attention and sparking analysis into the factors driving its sustained momentum.

According to data from Santiment, whale activity played a significant role in the price increase. Over the past two months, large holders have been steadily accumulating LINK, while retail investors sold a nearly equivalent amount.

At press time, LINK was valued at $28.21, exhibiting a 17.81% increase over the last 24 hours and a 15.99% gain over the past week. With a circulating supply of 630 million tokens, the market capitalization for LINK had grown to $17.6 billion. During the last 24 hours, a trading volume of $4.4 billion was observed for the token.

Whale Activity Fuels the Price RiseChainlink price soared past $29 for the first time in over three years on Monday, attracting attention and sparking analysis into the factors driving its sustained momentum.

According to data from Santiment, whale activity played a significant role in the price increase. Over the past two months, large holders have been steadily accumulating LINK, while retail investors sold a nearly equivalent amount.

At press time, LINK was valued at $28.21, exhibiting a 17.81% increase over the last 24 hours and a 15.99% gain over the past week. With a circulating supply of 630 million tokens, the market capitalization for LINK had grown to $17.6 billion. During the last 24 hours, a trading volume of $4.4 billion was observed for the token.

Recent data from Santiment highlighted the role of whales in LINK’s price surge. Holders with over 100,000 tokens collectively acquired 5.69 million LINK in the past two months. This accumulation coincided with retail investors selling a nearly equivalent amount—5.67 million tokens—during the same period.

The collective selling by smaller holders, as indicated by the net outflow of 5,000 to 10,000 LINK, was largely offset by the net inflows observed among whale categories. Notably, holders with 100,000 to 1 million LINK and those with over 10 million tokens both reported net inflows of over 2 million LINK.

This shift in ownership aligns with historical observations, where periods of sustained retail selling have corresponded to phases of strong price appreciation for LINK.

Technical Indicators Confirm UptrendChainlink price soared past $29 for the first time in over three years on Monday, attracting attention and sparking analysis into the factors driving its sustained momentum.

According to data from Santiment, whale activity played a significant role in the price increase. Over the past two months, large holders have been steadily accumulating LINK, while retail investors sold a nearly equivalent amount.

At press time, LINK was valued at $28.21, exhibiting a 17.81% increase over the last 24 hours and a 15.99% gain over the past week. With a circulating supply of 630 million tokens, the market capitalization for LINK had grown to $17.6 billion. During the last 24 hours, a trading volume of $4.4 billion was observed for the token.

Chainlink’s price momentum was further supported by strong technical indicators. The price was trading substantially above the 20-day Bollinger Band midline of $21.63, with the bands widening to indicate higher volatility. This suggested the potential for continued price movement in either direction.

On the 4-hour chart, the price was positioned above both the 50 Moving Average (4-hour) at $26.17 and the 100 Moving Average (4-hour) at $25.07, indicating support at lower levels.

The MACD indicator also signaled strength, with the MACD line (2.722) positioned above the signal line (2.552), confirming bullish momentum.

Furthermore, the Relative Strength Index (RSI) stood at 69.77, close to the overbought level of 70. While this indicated strong demand for LINK, it also pointed to the possibility of a short-term price pause or consolidation.

Bitcoin and Partnerships Support LINK’s GrowthChainlink price soared past $29 for the first time in over three years on Monday, attracting attention and sparking analysis into the factors driving its sustained momentum.

According to data from Santiment, whale activity played a significant role in the price increase. Over the past two months, large holders have been steadily accumulating LINK, while retail investors sold a nearly equivalent amount.

At press time, LINK was valued at $28.21, exhibiting a 1