Chainlink price has staged a strong rally in the past few weeks, and there are signs that the trend may continue as smart money accumulation and its network growth accelerate. LINK token was trading at $26 on Saturday, down a bit from this week’s high.
Chainlink was the most bought token by smart money investors in the last seven days. Data compiled by Nansen shows that smart money addresses that have tracked bought LINK tokens worth $1.4 million in the last 7 days. The other most bought tokens during this period, like Morpho, Centrifuge, Ethena, and Venice Token, have also surged.
One of the potential catalyst for Chainlink price is that no company has filed for a spot LINK ETF despite its strong fundamentals. Firms have already filed for meme coin funds like Trump Coin and Pepe, but no LINK.
A LINK ETF application will likely be approved and attract inflows from investors. For one, it has some of the top fundamentals in the crypto industry, securing some of the top projects like AAVE, Compound, Maple, and Spark.
Chainlink is also at the forefront of the fast-growing Real-World Asset (RWA) tokenization industry. It has already inked deals with some of the biggest players in the corporate world like UBS and Swift.
Mosts recently, Chainlink launched the strategic reserves that will buy LINK using its fees. Initially, this fund will be a small one, but there are chance that it will continue growing. Chainlink has made $268,000 on-chain in August, higher than the $267,000 it made last month.
Chainlink Price Technical Analysis
LINK price chart | Source: TradingView
The daily timeframe chart shows that the LINK price has been in a strong rally recently. It has jumped and hit the important resistance level at $27.25, which coincided with the highest point in January.
LINK has formed a golden cross pattern as the 50-day and 200-day Exponential Moving Averages (EMA) flipped each other. Oscillators like the Relative Strength Index (RSI) and the MACD are rising.
Therefore, the LINK price will likely continue rising as bulls target the psychological point at $30. A break above that level will point to more gains, potentially to $35 as it will confirm the Elliot Wave pattern.
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