Chainlink's $24 Breakout: Whales Lead, FOMO Follows
- Keyword Financial
- Aug 13
- 4 min read
Introduction
Chainlink’s LINK has reclaimed the $24 level for the first time since early February, extending a strong August run. The token posted a 35% weekly surge to kick off the month and is up about 42% month-to-date, outpacing Ethereum’s gains. A key focus is the LINK/ETH ratio, which is rebounding from a major monthly support zone that historically preceded an 82%+ quarterly rally for LINK, suggesting favorable momentum if the ratio continues to hold and advance.
On-chain dynamics reinforce the bullish backdrop. Exchange balances have fallen by 20.69 million LINK over the past eight weeks, a 9.8% drop that tightens available supply. Realized profits remain muted despite resistance breaks, indicating holders aren’t rushing to sell into strength. Elevated whale activity—around 713 on-chain transactions per day—points to large players driving flows, with fear-of-missing-out currently outweighing profit-taking.
Technically, breaching the $24 “supply wall” flips many late Q1 to mid-Q3 positions back into profit, which can influence sentiment and positioning. While ETH benefits from institutional inflows and its own supply squeeze, LINK has been outperforming across multiple timeframes. The sustainability of this move likely hinges on whether FOMO persists, exchange supply stays depressed, and the LINK/ETH ratio continues to rebound from support—conditions that could open the door to further upside.
