Chainlink price sustains gains near $24.65 after surging above $26, forming a cup and handle pattern below the key $30 resistance.
Daily wallet activity on the Chainlink network reached a yearly high with 9,813 unique transactions on August 17.
Real-time data streams now provide traditional finance asset feeds, including Apple and NVDA, strengthening token use cases.
Chainlink (LINK) recently reclaimed a price level last seen in late 2023, briefly crossing above $26 before retracing to $24.65. The pullback follows an extended rally from lows below $10 in April, with the price maintaining a bullish posture supported by strong structural indicators and heightened network activity.
Despite the recent correction, LINK continues to trade above its 50-day exponential moving average, currently at $18.87. Price action has formed a rounded cup structure, with the neckline positioned within a critical demand area between $26 and $30. This zone marked major resistance throughout 2023 and could determine the direction of the next trend movement.
Cup and handle pattern development is underway
If Chainlink consolidates at the current level, it may complete a classic cup and handle formation. A confirmed breakout above the $30 mark would likely open room for fresh annual highs. The current trend strength is supported by the Average Directional Index (ADX), which reads 35.57, indicating significant trend conviction. A minor pullback to $20 remains a healthy possibility, as it was a former resistance zone and now acts as strong support.
Source: TradingView
Network activity has surged, with data from Santiment revealing that over 9,813 individual wallets transacted with LINK on August 17. This figure marked the highest single-day activity since 2021. On the following day, new wallet creations peaked at 9,625, setting another yearly record. This spike in user participation reflects growing engagement and speculative accumulation around the token.
Product expansion boosts long-term utility
In parallel with user activity, Chainlink’s Data Streams have broadened to include real-time pricing on traditional assets like AAPL, NVDA, and QQQ ETFs. The protocol also launched Chainlink Reserve, an on-chain reserve feature designed to enhance long-term token utility and ensure network stability.
Chainlink continues to form higher lows since June, which reinforces a bullish outlook. A sustained push by buyers could drive the price beyond the $30 resistance. With on-chain participation reaching peak levels and expanding real-world asset coverage, Chainlink’s foundation for a strong price move remains intact.
