Chainlink [LINK] reclaims $24 – A 82% spike could follow IF…

Key Takeaways

LINK has reclaimed $24, with whale accumulation, a –9.8% drop in exchange supply, and the LINK/ETH ratio rebounding off key support signaling strong FOMO-driven momentum.

Chainlink [LINK] is flexing some serious muscle lately. 

It kicked off August with a monster 35.34% weekly candle, handily beating Ethereum’s [ETH] 21%. On the month, LINK is already up 42%, roughly double ETH’s gains.

But the real edge comes from the LINK/ETH ratio. It is approaching a key monthly support zone that in Q4 triggered LINK’s 82%+ quarterly spike, way ahead of ETH’s 28%, making it critical for spotting LINK’s next move.

Source: TradingView (LINK/ETH)

Notably, that divergence is playing out across multiple timeframes. On the daily, LINK’s 13% jump is outpacing ETH’s 9%, despite ETH benefiting from institutional inflows and a tight supply squeeze.

Chainlink’s bullish structure is clearly holding. But the critical test is the $24 supply wall, which LINK recently breached with a 2.82% intraday pop, making the first move back to Q1 levels.

That puts late Q1–mid-Q3 holders back into net P/L. Now it’s all about sentiment. According to AMBCrypto, fear vs. greed will likely dictate if Chainlink can sustain this bullish continuation.

Whales lead the charge as FOMO hits LINK

At press time, Chainlink has reclaimed the $24 mark, its first close above this level since the 2nd of February. 

The next question is whether FOMO (fear-of-missing-out) or greed (profit-taking) is dominating the tape. Interestingly, HODLers aren’t rushing to dump, which shows conviction.

Despite breaking overhead resistance, realized profit flows remain muted, keeping sell-side liquidity light. Add in elevated whale activity (713 on-chain tx/day), and it’s clear FOMO is driving this leg.

Source: Santiment

Meanwhile, on-exchange supply has dropped 20.69 million LINK (–9.8%) over the past eight weeks, tightening liquidity and helping push the price to $24 as concentrated buying takes hold.

All in all,  Chainlink’s structure stays constructive, with ongoing accumulation supporting further upside, as FOMO-driven flows continue to outweigh profit-taking.