Chainlink (LINK) Hits $23.99 Amid Whale Accumulation and Reserve Mechanism Launch
Chainlink's LINK token rallied to $23.99 despite overbought signals, with its Relative Strength Index (RSI) reaching 73.48. The surge follows strategic whale accumulation and the introduction of chainlink Reserve, a system that automatically converts revenue into LINK purchases.
Institutional interest remains strong—wallets holding 100,000 to 1 million LINK increased by 4.2% in August, absorbing 0.67% of the total supply. The Reserve mechanism, launched on August 7, triggered an 8% price spike by embedding automatic demand into Chainlink's ecosystem.
Market participants are balancing technical warnings with fundamental strength. While the RSI suggests potential consolidation, sustained whale activity and protocol upgrades may continue to drive bullish momentum.
