Chainlink’s price has surged more than 50% over the past week, fueled by continued whale accumulation and increasing institutional adoption of its ecosystem.
Data from crypto.news shows that on Wednesday, Aug. 13, during Asian morning hours, Chainlink hit a seven-month high of $24.28. This rally pushed its weekly gains past 50%, marked a 123% jump from its yearly low, and lifted its market capitalization above $16.4 billion.
Whales are buying LINK
LINK’s recent strong performance is linked to several factors, notably sustained whale interest this week.
According to Nansen data, whale wallets have increased their LINK holdings by 8.5% over the past seven days. These addresses now hold 4.65 million tokens, up from 4.29 million on Aug. 6, and well above the 3.42 million recorded in mid-May.
Whale accumulation is often viewed as a bullish indicator by retail investors, who tend to follow these large holders when building their portfolios. Such buying pressure can drive further price appreciation, especially when paired with strong market sentiment and positive fundamental developments.
One notable development is the increasing adoption of Chainlink’s Cross-Chain Interoperability Protocol (CCIP) by major financial institutions. According to an official Chainlink blog post, CCIP has been integrated with Swift, the international bank messaging network used by over 11,500 institutions, enabling banks to connect directly with blockchains.
This integration allows financial institutions to interact with both public and private blockchains using their existing Swift infrastructure and messaging standards, simplifying interoperability and settlement processes.
The trial involved over a dozen leading institutions, including Euroclear, Clearstream, ANZ, Citi, BNY Mellon, BNP Paribas, Lloyds Banking Group, and SIX Digital Exchange (SDX).
In a more recent move, Chainlink partnered with Intercontinental Exchange, the parent company of the New York Stock Exchange, to provide real-time on-chain pricing feeds for foreign exchange and precious metals.
LINK price analysis
On the weekly chart, LINK has developed a multi-month ascending broadening wedge pattern. This formation features two upward-sloping, diverging trendlines, signaling growing price volatility over time.
More recently, LINK has confirmed a double-bottom pattern, with both lows forming at $10.90 and a neckline at $18. A breakout above this level has historically signaled a bullish reversal, indicating the potential for further upward momentum.
The 50-day moving average currently remains above the 200-day moving average, reinforcing a bullish trend bias over the medium to long term.
While an ascending broadening wedge is typically considered a bearish pattern associated with distribution phases, LINK’s price is approaching the upper trendline near $40—about 65% higher than its current level.
Some analysts anticipate a possible surge toward $46 in the coming weeks if strong trading activity and sustained demand continue to support the rally.
