Large-scale investors amass assets valued at approximately $31 million in Chainlink (LINK) tokens, as the digital currency grapples with testing a key resistance level at $24.

Chainlink, the decentralised oracle network, has been making waves in the cryptocurrency market, with its price showing a steady upward trend. Currently trading at $24.65, the digital asset is poised for a potential breakout, according to technical analysis.

The price chart of LINK resembles a classic cup and handle pattern, which could precede a significant breakout above the resistance level. This bullish formation comes after a recent peak at $26, following a steady climb from April lows beneath $10.

The Relative Strength Index (RSI) near 63 suggests strong momentum without overheated conditions, indicating a balanced market. Moreover, the Average Directional Index (ADX) value of 35.57 indicates a strong trend conviction, further supporting the bullish outlook.

The overall structure of LINK remains bullish, with the price well above the 50-day Exponential Moving Average (EMA) at $18.87. The digital asset has consistently formed higher lows since June, establishing a solid support structure.

One of the factors contributing to the bullish sentiment is the surge in on-chain activity. In a span of two days, Chainlink witnessed a spike in active addresses and new wallets created, reaching 9,813 active addresses and 9,625 new wallets - figures that represent 2025 highs for both metrics.

This surge in on-chain activity suggests rising retail engagement in the LINK ecosystem. Moreover, the MVRV Long/Short difference for LINK has surged to 12.77%, showing many holders sitting on unrealized gains.

In addition to the bullish technical indicators, Chainlink has recently introduced the Chainlink Reserve, a strategic on-chain reserve mechanism aimed at strengthening token utility and network stability over the long term.

Furthermore, Chainlink's Data Streams now serve real-time feeds on equities and ETFs including AAPL, QQQ, and NVDA, expanding its product offerings.

A potential target for Chainlink is the Fibonacci extension level of $30.54, which, if reached, would mark a significant milestone in the asset's upward trend. Key support levels for Chainlink are at $22.77 and $21.20, providing a safety net should the market experience a correction.

In August 2023, an institutional or individual buyer acquired over 1.29 million LINK tokens worth approximately $31.15 million from Binance within four days. Although the specific institution or person remains unidentified, this large-scale accumulation adds to the bullish sentiment surrounding Chainlink.

In conclusion, Chainlink's bullish structure, increasing on-chain activity, and product expansion point towards a potential push towards the $30 mark in the near future. However, investors should always exercise caution and conduct their own research before making investment decisions.

Large-scale investors amass assets valued at approximately $31 million in Chainlink (LINK) tokens, as the digital currency grapples with testing a key resistance level at $24.