Chainlink [LINK] has recently performed strongly.
In August, LINK's weekly increase reached 35.34%, far exceeding Ethereum's [ETH] 21%. This month, LINK has accumulated a 42% increase, nearly double that of ETH.
But the real advantage lies in the LINK/ETH ratio. This ratio is approaching a key monthly support level that triggered a quarterly surge of over 82% for LINK in the fourth quarter, far exceeding ETH's 28%, making this support level crucial for predicting LINK's next movement.
It is worth noting that this difference is evident over multiple time periods. The daily chart shows that LINK has risen by 13%, surpassing ETH's increase of 9%, despite ETH benefiting from institutional inflows and supply constraints.
The bullish structure of Chainlink clearly continues. But the key test lies at the $24 supply barrier, which LINK recently broke through, rising 2.82% intraday, leading the recovery back to Q1 levels.
This has allowed holders from the end of Q1 to mid-Q3 to return to a net profit and loss state. Now everything depends on market sentiment. According to AMBCrypto, the battle between fear and greed is likely to determine whether Chainlink can maintain this bullish momentum.
FOMO impacts LINK, with whales leading the trend.
As of the time of writing, Chainlink has reclaimed the $24 mark, the first time closing above this level since February 2.
The next question is whether FOMO (fear of missing out) or greed (profit taking) is dominating market trends. Interestingly, holders are not in a hurry to sell, indicating they are quite confident.
Despite breaking through the upper resistance level, profit-taking remains sluggish, resulting in insufficient liquidity from sellers. Coupled with increased whale activity (713 on-chain transactions daily), it is clear that FOMO is driving this trend.
Meanwhile, over the past eight weeks, the supply on exchanges has decreased by 20.69 million LINK (-9.8%), leading to tighter liquidity and pushing prices up to $24 with the emergence of concentrated buying.
In summary, Chainlink's structure remains constructive, with ongoing accumulation supporting further upside, as FOMO-driven traffic continues to outpace profit-taking.
