Since mid-August, whale activity in Chainlink [LINK] has been exceptionally active. One address notably accumulated over 1.29 million LINK from Binance, worth $31.15 million.

These actions involve several large trades, demonstrating that the confidence of major shareholders is on the rise.

At the time of writing, LINK's trading price briefly touched $26 and is currently close to $24 - despite market volatility, it still shows resilience. This aggressive accumulation typically reduces the available supply on exchanges, tightening liquidity and intensifying upward momentum.

However, if these whales decide to suddenly sell, it could trigger a wave of selling pressure and short-term adjustments.

Chainlink recently broke through a long-term downtrend line, soaring to a peak of $26 before pulling back to $24.29. Fibonacci retracement levels show that key support lies at $22.77 and $21.20, while the next extension level of $30.54 is a potential target.

RSI close to 63 - this is a sign of strong momentum but not yet overheated.

In short, the price action in the coming trading days may determine whether LINK consolidates strongly or continues to rise. If the closing price definitively breaks above $24.77, it could trigger a new wave of bullish momentum, with the ultimate target pointing towards $30.

Can the surge in wallet activity validate the bullish momentum?

On-chain data shows a explosive growth in Chainlink network activity, with 9,813 new active addresses and 9,625 wallets added in just two days. Both figures hit new highs for 2025, indicating that retail participation in the LINK ecosystem is continuously increasing.

As more users engage in trading and accumulate tokens, such activities are typically consistent with strong capital inflows. Additionally, this rapid adoption also validates the recent price increases and strengthens the bullish narrative.

However, if user activity cools down, the market may lose momentum, making LINK susceptible to corrections before attempting higher levels again.

Does the rise in social dominance indicate speculation or sustained demand?

Chainlink's social influence has risen to 1.43% - indicating that the cryptocurrency community's attention is continuously increasing. Higher attention often drives speculative capital inflow, exacerbating market volatility. While this growing attention may amplify short-term price fluctuations, it could also pose risks if the pace of speculation outstrips actual utility.

However, the combination of social participation and whale accumulation provides a strong rationale for sustained interest.

However, investors should consider whether a sentiment-driven rebound can sustain without fundamental support.

Therefore, as LINK hovers near its critical resistance zone, monitoring the balance between speculation and utility will be crucial.

Are profit holders about to take profits?

Finally, LINK's MVRV bullish/bearish differential surged to 12.77%, indicating that many holders have substantial unrealized gains. Historically, such high profitability can pressure investors to lock in returns, leading to market corrections.

However, the continued accumulation by whales may offset this risk by absorbing the selling supply. This creates a tug-of-war between profit-taking behavior and accumulation trends.

Thus, whether LINK pushes toward $30 or stagnates below resistance will depend on how these two opposing forces balance in the coming trading days.

Will LINK reclaim $30 or get stuck at resistance?

As of the time of writing, Chainlink appears poised to reclaim $30, as the accumulation by whales and record network activity provide strong bullish momentum. The surge in social engagement also adds some impetus, while Fibonacci levels directly point to $30.54 as the next target.

Although rising MVRV levels suggest profit-taking, whales have been actively absorbing supply and alleviating selling pressure.

This means LINK's price will not stagnate at the resistance level. Instead, it may break through and rise further, with the $30 level being close at hand in the short term.