Chainlink remains the most recognized RWA altcoin, and the recent announcement of a partnership with the U.S. Department of Commerce to bring government macroeconomic data on-chain only reinforces its credibility.
On-chain data shows that whales and top addresses positioned themselves in advance. Whale balances increased by 29.52% in August, raising holdings to 5.03 million LINK. This means that whales added approximately 1.15 million LINK, worth nearly 27 million dollars at the current price of 23.47 dollars.
The top 100 addresses now hold 646.8 million LINK, an increase of 0.47%, with an addition of approximately 3 million LINK, equivalent to about 70 million dollars. Exchange balances dropped by 4.19%, a bullish outflow trend that reduces selling pressure.
Despite a slow week, LINK maintains an upward trend, recording monthly gains of over 30%. While bears pushed down by 5.9% this week, bulls have largely maintained control. Whenever bears have tried to control the price of LINK, bulls have stepped in, as evidenced by the Bull-Bear Power (BBP) indicator.
The Bull Bear Power (BBP) indicator measures whether buyers (bulls) or sellers (bears) are driving momentum.
A clean breakout above $25.80 would open up a move towards $27.62, and beyond that, Fibonacci extension targets suggest a path up to $43.04.
However, if $22.86 is not maintained, deeper pullbacks could occur, but current whale and exchange flows suggest ongoing resilience. With whale accumulation, discussions about the LINK ETF emerging, and a government-linked partnership validating the fundamentals, Chainlink is one of the top RWA cryptocurrencies to watch in September.
