Chainlink Breakout Holds, But Whale Supply and White House Meeting Loom
Chainlink's [LINK] price has maintained its breakout above $9 after a strong weekly rally of 14.7%. The altcoin initially broke through the $8.90 resistance zone, with volume expanding sharply as it rose from around $8.20.
The price pushed beyond the early-August range and reached $9.60 before pulling back to $9.43 due to profit-taking. However, LINK remains above its former $8.90 resistance, keeping the breakout structure intact.
Technical indicators suggest that momentum has cooled down slightly, with the RSI easing to 64.45. Open Interest (OI) has also climbed to around $690 million, indicating leverage helped amplify the advance alongside spot demand.
A large holder transferring 984,550 LINK worth approximately $9.23 million to Coinbase poses a potential supply test for Chainlink's breakout strength. This comes after the whale accumulated roughly 2.41 million LINK from Binance over the past month.