TLDR
- Whales purchased 1.25 million LINK tokens in the past 48 hours, showing aggressive accumulation
- Exchange outflows of $1.84 million indicate reduced liquid supply in the market
- LINK currently trading at $23.75, holding key support at $23 level
- Short liquidations of $180K (vs only $14K in longs) suggest potential for upward price movement
- Chainlink partnered with PublicAI under its BUILD program to power AI-driven markets
Chainlink’s LINK token is showing strong bullish signals as large holders accumulate significant positions and technical indicators point to a potential breakout. The cryptocurrency is currently trading at $23.75, resting above a key support level while eyeing resistance zones around $31.
Whale activity has been particularly telling. Over the past 48 hours, these large investors purchased 1.25 million LINK tokens, demonstrating aggressive accumulation during a period of heightened market activity. This buying pressure coincides with exchange outflows of $1.84 million, further reducing the available supply of tokens in the market.
The on-chain metrics paint a compelling picture of supply tightening. With fewer tokens available for trading, the stage could be set for a potential supply squeeze if demand continues to rise. This whale-driven accumulation appears to be providing a solid foundation for LINK’s recent price stability above the $23 handle.
Technical analysis supports this bullish outlook. LINK’s weekly chart shows what analysts describe as a rounded bottom formation, suggesting a long accumulation phase followed by the current breakout attempt. The cryptocurrency has cleared the $23.69 Fibonacci extension level and is now testing resistance in the $28-$32 supply zone.
If momentum holds and buyers push through current resistance levels, LINK could target price points at $31.57, with further extensions possible to $39.45 and $44.32 according to Fibonacci projections.
Market Activity Heats Up
Spot market data confirms expanding trading activity for LINK. Volume indicators show accelerating trading volume, reinforcing the narrative of growing market engagement from both retail and institutional players.
This surge in trading volume typically accompanies structural breakouts in cryptocurrency markets. However, such volume heating can also trigger volatility spikes, making short-term price action somewhat unpredictable for traders.
Short sellers appear to be feeling pressure as price holds above key support. Liquidation data reveals shorts worth $180,000 were wiped out in recent hours, compared to just $14,000 in long liquidations. This imbalance highlights the pain point for bearish traders as LINK maintains stability.
When short liquidations accelerate, the forced covering often fuels additional upside momentum. If this bullish pressure continues, sellers may face further squeezes, potentially creating conditions for another sharp move higher in LINK’s price.
$LINK might offer one the cleanest structures in the sector right now. $23 key support respected for now. $31 resistance ahead. Break it and we’re talking $47+.
Watch for RSI resistance above.#Chainlink pic.twitter.com/B3JYPCYhom
— More Crypto Online (@Morecryptoonl) September 3, 2025
Chainlink Expands Through Strategic Partnership
Beyond price action, Chainlink continues to expand its ecosystem through strategic partnerships. The project recently announced a collaboration with PublicAI as part of its BUILD program, aimed at powering AI-driven prediction markets and on-chain reputation systems.
PublicAI’s Data Hub already boasts over 2.9 million verified contributors who provide skill-validated data for AI training. Through this partnership, PublicAI will reserve a portion of its native coin supply for LINK service providers, including those who stake on the network.
The initiative focuses on developing what PublicAI calls the “human layer of AI” through its data hub. By adopting Chainlink Runtime Environment (CRE), PublicAI can enable applications such as reputation scores, real-time risk assessment, and prediction market decisions activated by AI-linked oracle protocols.
LINK currently holds a market capitalization of $16.15 billion with a 24-hour trading volume of $1.55 billion. The price increased 2.08% in the last 24 hours as the token continues to hold support at the crucial $23 level.
For LINK to reach higher targets, it must first clear resistance around $31. If successful, analysts suggest the next buy target would be above $47, with technical signals indicating that the Relative Strength Index (RSI) is approaching a major resistance zone.
The combination of whale accumulation, reduced exchange supply, heated spot volume, and short liquidations creates a bullish backdrop for Chainlink. If current momentum holds, LINK appears positioned for a potential move toward the $31-$40 zone.
The post Chainlink (LINK) Price: Technical Breakout Eyes $31 Target Zone appeared first on Blockonomi.
This articles is written by : Nermeen Nabil Khear Abdelmalak
All rights reserved to : USAGOLDMIES . www.usagoldmines.com
You can Enjoy surfing our website categories and read more content in many fields you may like .
Why USAGoldMines ?
USAGoldMines is a comprehensive website offering the latest in financial, crypto, and technical news. With specialized sections for each category, it provides readers with up-to-date market insights, investment trends, and technological advancements, making it a valuable resource for investors and enthusiasts in the fast-paced financial world.