- Chainlink price is testing a key breakout zone as a $9.23 million whale deposit to Coinbase raises selling concerns.
- LINK could target $10.87 if it breaks above $9.752, while a drop below $9.289 could send it toward $8.49.
Chainlink price is holding near a key breakout zone after LINK recently moved above a symmetrical triangle pattern. The setup now faces a major test after a whale transferred nearly $9.23 million worth of LINK to Coinbase.
The large deposit could increase selling pressure if the whale sells. However, LINK is also seeing strong short liquidations, while spot ETF products continue to record net inflows. This leaves the market at a critical point.
Chainlink Price Holds Near Breakout Level
LINK was trading around $9.472 on August 17, 2026, as the price remained close to its recent breakout zone. Futures volume reached about $501.09 million over 24 hours, while spot trading volume stood at $60.70 million.
Open interest was also elevated at approximately $658.46 million, highlighting strong activity in LINK futures around the current price. This puts added focus on the next price move as traders position around the breakout level.
An hourly close above $9.752 could strengthen the bullish setup and open the path toward $10.044 and $10.873. However, a failure to hold the breakout zone could weaken the setup and shift attention toward lower support levels.
$9.23M LINK Transfer Raises Selling Concerns
On-chain data shows that a Chainlink whale deposited 984,550 LINK, worth roughly $9.23 million, to Coinbase.
The transfer came after the same wallet accumulated around 2.41 million LINK from Binance over the past month. The wallet still holds about 1.43 million LINK, valued near $13.43 million.
The remaining holdings carry an estimated unrealized profit of $1.42 million. If more LINK reaches exchanges, traders could face additional selling pressure.
However, the whale transfer does not guarantee a sale. Exchange deposits can have different purposes, so traders should watch for further wallet activity.
LINK ETF Inflows Offer Some Support
Spot LINK ETFs recorded a $1.47 million net inflow on August 14, lifting cumulative net inflows to $129.36 million. This came after a $390,580 outflow on August 13, showing that short-term flows remain mixed despite the broader positive trend.
Total net assets across LINK spot ETFs reached about $120.98 million as of August 14. Continued inflows could provide some support for LINK as it tests the $9.752 breakout level, although the recent $9.23 million whale deposit remains a key source of selling risk.
Short Sellers Face Heavy Liquidations
Liquidation data shows that short sellers have recently taken larger losses than long traders.
Over 24 hours, short liquidations reached about $218,010, compared with $46,880 in long liquidations. Total liquidations stood near $264,890.
The 12-hour figures showed a similar pattern. About $196,870 in shorts were liquidated, while long liquidations reached roughly $30,040.
This suggests that bearish traders have faced increased pressure as LINK holds near the breakout area.
Chainlink Price Prediction and Key Levels
The current setup has two important levels.
A confirmed hourly close above $9.752 could open the way toward $10.044. A stronger breakout could then push LINK toward $10.873.
On the downside, an hourly close below $9.289 would weaken the breakout setup. LINK could then fall toward $8.925, with $8.485 as the next major support.
Bitcoin sentiment could also influence the move. A stronger Bitcoin market may help LINK clear resistance, while broader crypto weakness could increase selling pressure.
For now, LINK remains caught between the bullish breakout setup and the risk created by the whale deposit. Traders will likely focus on the $9.289 to $9.752 range for the next decisive signal.
LINK Price Scenarios
The bullish case strengthens if LINK holds above the breakout zone and records an hourly close above $9.752. Such a move would weaken concerns around the whale’s Coinbase deposit and could push LINK toward $10.044, with $10.873 becoming the next major target.
The base case would see LINK continue trading between $9.289 and $9.752 as traders assess the whale’s move. Holding this range would keep the breakout structure intact, but LINK would need to clear $9.752 before the upside targets come into focus.
The bearish case takes shape if LINK closes below $9.289. That would invalidate the current breakout attempt and expose support near $8.925. If selling pressure increases, LINK could then extend the decline toward $8.485, especially if the whale moves more of its remaining holdings to exchanges.
For now, the $9.289 to $9.752 range remains the key battleground. A confirmed hourly close outside this range should provide a clearer signal about whether LINK is preparing for another leg higher or heading back toward lower support.
ALSO READ: Pi Network Protocol 27 Could Mark the End of Its Upgrade Cycle
Disclaimer:
This article is for informational purposes only and should not be considered financial or investment advice. Cryptocurrency investments carry risk, and readers should conduct their own research before making any investment decisions.
About the Author
