Why is Chainlink (LINK) Price Up Today?

Chainlink (LINK) is making headlines after a strong rally lifted the token to $19.15, marking a 15% daily gain and pushing its market cap near $13 billion. From a new reserve program to whale buying and bullish chart signals, several factors are fueling this rally, as analysts believe it might just be the beginning.

Let’s break down

Chainlink Goes For Reserve

One of the biggest drivers behind this surge is the launch of the Chainlink Reserve. This program aims to secure the network’s long-term growth by collecting LINK tokens from real revenue streams. 

The network’s role in providing reliable real-world data to blockchains is gaining more demand, especially with the rise of decentralized finance (DeFi) projects.

Over 65,000 LINK, worth about $1.16 million, is already in the reserve. Co-founder Sergey Nazarov explained that it connects the dots between real-world revenue, institutional adoption, and the network’s sustainability.

Strong Buying Activity from Whales

Another factor driving prices higher is the growing activity of large investors. Both their numbers and the amount of LINK they hold are on the rise. 

According to Santiment, as LINK’s price climbed back above $18.40, wallets holding between 100,000 and 1 million LINK have boosted their holdings by 4.2% this month. In August alone, these wallets collected an extra 0.67% of the total LINK supply.

Data shows Rising Trading Activity

On top of that, market data from Coinglass shows derivatives activity heating up fast, with open interest climbing 27.17% and futures volume spiking 270% to $2.70 billion. This suggests traders aren’t just taking profits, they’re betting on bigger moves ahead.

Chainlink Eyeing $68 Mark

Looking at technical crypto analyst Anderson says Chainlink’s price chart is showing a strong pattern that could soon break upward. If the price keeps climbing, the next big hurdles are around $20.50 to $21, and it might even reach $32 in the coming weeks.

Looking further ahead, Anderson believes LINK could eventually aim for $68.

Right now, the important level to watch is $18. Staying above it could keep the rally going, but if it falls below $17, the upward momentum may slow down.