Chiara Bianchi
Chainlink (LINK) has climbed for five consecutive sessions, marking its highest level in nearly two weeks. This momentum comes as whale investors accelerate their buying activity and the recently launched LINK Reserves continue to expand.
According to Nansen data, large holders have boosted their LINK positions by 22% in the past month, now controlling more than 5 million tokens. This accumulation suggests that whales anticipate further upside for LINKโs price.
Interestingly, the surge in whale purchases coincides with a decline in LINK tokens held on exchanges. Since August, balances have dropped from 275 million to 270 million, reflecting a broader shift toward self-custody and long-term holding strategies.
Strong Fundamentals Boost Investor Confidence
Over recent months, Chainlinkโs fundamentals have significantly strengthened. The network is now being utilized by the U.S. government to distribute macroeconomic data, showcasing its real-world utility.
In addition, Chainlink has struck major global partnerships, including a recent deal with UBS, the worldโs largest wealth manager, to automate tokenized fund operations in Hong Kong.
Meanwhile, the newly launched Strategic LINK Reserves have already grown to over $5.3 million in assets just a month after launch, further enhancing LINKโs ecosystem strength.
ETF Approval Could Be a Game-Changer
Optimism is also building around the possibility that the SEC may approve LINK ETF proposals from firms like Bitwise and Grayscale. A green light would likely spark fresh institutional inflows from U.S. investors, potentially fueling another wave of demand.
LINK Price Technical Outlook
On the daily chart, LINK found a bottom near $10 in April before rebounding to around $24 today. The token currently trades above the 100-day Exponential Moving Average (EMA) and is shaping a classic cup-and-handle pattern.
Technical projections suggest that if the pattern completes, LINK could rally toward $43, representing an 86% upside from current levels.
