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Even though Chainlink price is pumping today, not everyone’s convinced it will keep running straight up. At writing, LINK is trading around $24.45, up more than 12% in the past 24 hours. 

Trading volume is also looking hot, jumping over 24%, which shows there’s plenty of interest behind the move. But one well-followed analyst thinks the rally might take a breather before the next breakout attempt.

One of the biggest reasons behind today’s rally is whale accumulation. Just hours before the pump started, a whale scooped up 938,489 LINK (worth $21.25M) using 4,806 ETH. 

Data also shows large transactions over $100k spiked to a 7-month high of 992 on August 16. That’s the kind of activity that usually points to institutional money moving in. 

On top of that, exchange balances for LINK have dropped 5.2% this month, meaning fewer tokens are available for selling pressure.

The second big driver is Chainlink partnership with Intercontinental Exchange (ICE), the same company that owns the New York Stock Exchange. 

On August 11, ICE integrated real-time forex and precious metals data into Chainlink’s Data Streams. This is huge because it makes Chainlink a key player in institutional DeFi and tokenized assets, a market that some believe could grow to over $30 trillion.

Now here’s where things get interesting. According to crypto expert Ali, LINK price just failed at the mid-channel resistance on the chart. If the pattern holds, we could see a pullback toward $20 before bulls step back in.

Read Also: Cardano Just Formed a Golden Cross – Last Time ADA Pumped 236%

The chart paints a bigger picture too: LINK has been moving in an ascending channel for months, with each test of support leading to another leg higher. 

The next major breakout zone is in the region of $30–$36, and if the momentum actually catches on, then the target for the upper channel is close to $42.

Thus, in the short term, a drop to $20 would not be necessarily bearish; it could merely be a reset before a further move higher. The key level now to pay attention to is $20 as support and $30 as resistance.

Moreover, Chainlink price is in a strong position fundamentally and technically. Whales are buying, institutions are getting involved, and the chart structure still favors the bulls in the bigger picture. The near-term story might include a correction, but as long as LINK holds above $20, the road to $30 and beyond is very much alive.

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The post Chainlink (LINK) Price Jumps Double Digits, But Warning Signs Point to a Short-Term Drop First appeared first on CaptainAltcoin.

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