Chainlink price climbs 13%, whale accumulation tightens supply
The crypto market today is climbing higher, with the total market capitalization hitting $4.06 trillion. The move is driven by trading volumes surging 12.26% to $218.21 billion. This is while the Bitcoin dominance slipped to 58.6%, as Ethereum rose to 12.26% market share. Talking about sentiments, the fear & greed index is firmly in “greed” territory at 63. And the Altcoin Season Index reads 37/100, hinting at early-stage rotation.
The bullish drivers include rising odds of a September Fed rate cut as CPI cools, and ETH ETF inflows hitting record highs. And also capital shifting from BTC into tokens like Ethereum, Solana, and Chainlink.
Ethereum is currently being sold on exchanges at $4,663.76, +8.58% higher than yesterday’s price. The altcoin now flexes with a market cap of $562.9B and $62.1B in daily volume. Price action broke through $4,600 resistance, with intraday levels ranging $4,258-$4,678. ETH now sits just 4.5% below its all-time high of $4,891.70, with next targets at $4,878, which is an ATH retest. Following this, we can expect a rise of Fibonacci extension to $5,684
Today’s rally is powered by $523M in ETF inflows, the 2nd largest daily total on record. Alongside BitMine’s $20B ETH treasury plan, adding 4M ETH buy pressure. Technicals confirm strong momentum as RSI approaches 77, showing an overbought but intact uptrend.
Solana is changing hands at a 12.84% premium since yesterday at $197.90, with a market cap of $106.8B and daily volume soaring 73.4% to $10.7B. Prices ranged $173.8-$199.8 today, moving closer to key resistance at $205.87. A breakout above this could open a path toward the 161.8% Fibonacci extension at $236.
The surge follows Coinbase’s $250M Stablecoin Bootstrap Fund targeting Solana protocols, driving DeFi liquidity inflows. This is coupled with a technical breakout above $192.
Chainlink is trading at $24.20 with an intraday gain of 12.75% in 24h, with a market cap of $16.35B and $2.51B in daily volume. Price action cleared $21 resistance and reached $24.5 intraday high, with traders eyeing $26.49 as the next short-term target.
LINK’s rally is fueled by an ICE partnership boosting institutional adoption, whale accumulation exceeding $13M, and exchange withdrawals tightening supply. Technicals show a strong MACD/RSI momentum setup, though overbought conditions hint at possible consolidation before the next leg higher.
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