Chainlink's LINK is seeing fresh whale activity as the token trades near $9.39 after breaking above key moving averages. Chainlink operates as a decentralized oracle network that supplies off-chain data to smart contracts, and LINK is the token used to pay the network's node operators. Onchain Lens reported that a whale sent 984,550 LINK, worth approximately $9.23 million, to Coinbase. The transfer came after the same wallet accumulated about 2.41 million LINK from Binance over the past month.

The move coincides with a stronger technical setup for the token. LINK has climbed above its 50-day and 200-day moving averages at $8.71 and $8.44, and resistance is now concentrated near $9.40–$9.50. Below the current price, $8.71 and $8.44 serve as key support levels for the ongoing recovery.

Whale Sends Nearly 1M LINK to Coinbase

Following the transfer, the whale still holds about 1.43 million LINK, valued near $13.43 million at current prices. Onchain Lens estimates that the remaining holdings carry an unrealized profit of about $1.42 million. Deposits of this size are a routine focus for onchain tracking services because they place tokens within reach of an exchange's order books, though transfer data alone does not reveal whether a wallet intends to sell. The wallet's remaining balance and any subsequent movements remain visible on the public blockchain.

LINK Breaks Above Key Moving Averages

The chart shows LINK trading around $9.392 on August 16. Price recently climbed from the $8.20–$8.50 area and moved above the 50-day and 200-day moving averages, which stand at $8.71 and $8.44 respectively. Both averages have started turning higher, according to the chart.

The recovery follows a steep decline earlier in the year: LINK fell from nearly $10.90 in early May toward the $7.20–$7.30 zone in June, before forming a sequence of higher lows and breaking back above $8.70.

Van de Poppe Cautions Against Chasing the Move

Michael van de Poppe said LINK has moved above its moving averages on the higher timeframe and pointed to large bullish divergences on the asset. According to van de Poppe, the move could mark an end to LINK's four-year downtrend. However, he said traders should avoid chasing the current move.

He outlined two scenarios. His first involves Bitcoin making a slight low sweep without falling sharply toward $61,000; under that scenario, he expects LINK could trade below $9.20 before moving toward $11. His second applies if broader markets move lower, in which case he said he would watch below $8.60 for potential LINK trades toward $11.

Network Activity Remains Below May Peak

Daily active addresses have fallen sharply from an early May spike near 284,000. The latest reading stands at around 1,346, despite LINK's recent price recovery. Active addresses are among the standard usage metrics for public blockchains, so the gap between the token's price recovery and current address counts is the type of divergence analysts monitor when assessing how much a price move reflects underlying network use.

The chart places support at $8.71 and $8.44, followed by $8.00–$8.20. Resistance is around $9.40–$9.50, then $10.00 and $10.45–$10.90.