LINK has reclaimed the $24 mark and could increase by 82% if...

Chainlink (LINK) has been showing impressive strength recently.

LINK started August with a "huge" weekly candle rising 35.34%, far exceeding Ethereum's 21% (ETH). Since the beginning of the month, LINK has increased by 42%, nearly double the increase of ETH.

The most notable point lies in the LINK/ETH ratio. This index is approaching a crucial support zone on the monthly chart, which previously triggered a more than 82% surge of LINK in Q4, far exceeding the 28% increase of ETH. This is a key factor in determining LINK's next move.

Source: TradingViewNotably, this discrepancy is occurring across multiple time frames. On the daily chart, LINK's 13% increase is outperforming ETH's 9%, despite ETH benefiting from institutional capital flow and supply scarcity.

The bullish structure of Chainlink is clearly being maintained. However, the crucial test lies at the "supply wall" at $24, which LINK has just surpassed with a 3.2% bounce on the day, marking a return to the price level of Q1.

This helps holders who have held from the end of Q1 to the middle of Q3 return to a state of net profit. Now, the determining factor lies in market sentiment. The balance between fear and greed is likely to decide whether Chainlink can maintain this upward momentum.

Whales lead the rally as FOMO envelops LINK

At the time of writing, LINK has reclaimed the $24 mark, which is the first time it has closed above this level since February 2.

The next question is whether FOMO ( is afraid of missing out on the opportunity ) or if greed ( is dominating the profit-taking ). Interestingly, the hodlers are not rushing to sell off, indicating that the confidence remains strong.

Although it has broken through the upper resistance level, the realized profit remains low, so the selling liquidity is limited. Additionally, whale activity is increasing significantly with ( on-chain transactions per day ), clearly indicating that FOMO is driving this upward trend.

Source: SantimentMeanwhile, the supply of LINK on exchanges has decreased by 20.69 million LINK (–9.8%) in the past 8 weeks, tightening liquidity and contributing to pushing the price up to $24 as buying pressure dominates.

Overall, the structure of Chainlink remains positive, with a continuous accumulation process supporting the potential for further growth, as the influx of capital driven by FOMO continues to overshadow profit-taking activities.

Minh Anh