Chainlink (LINK) has extended its weekly advance, trading near $8.50 after Standard Chartered issued a bullish long-term forecast. The bank reportedly set a $200 price target for 2030, citing Chainlink's role in institutional tokenization. LINK gained about 4.3% over the past week and roughly 2.4% in the last 24 hours, according to CoinGecko data.
The token spent most of the previous week consolidating between $8.10 and $8.35 before breaking above that range on Monday. The breakout pushed LINK to its highest level in seven days, approaching $8.50. The 30-day performance stands at approximately 5.4%.
Standard Chartered's bullish thesis
Standard Chartered's forecast, reported on August 10, centers on Chainlink's infrastructure connecting blockchains with external data and enabling asset movement across networks. The bank sees this as critical for the tokenization of financial assets, a use case Chainlink has already pursued with major institutions.
Chainlink has partnered with Swift, Euroclear, Mastercard, Fidelity International, UBS, and ANZ. Its work with the Depository Trust & Clearing Corporation (DTCC) involves tokenized assets and infrastructure for 24/7 collateral mobility. These existing projects lend credibility to Standard Chartered's long-term view.
Another recent development is BitGo's selection of Chainlink's Cross-Chain Interoperability Protocol (CCIP) for its Wrapped Bitcoin (WBTC) product. This adds a multibillion-dollar asset to Chainlink's cross-chain ecosystem, potentially increasing demand for LINK.
Exchange outflows tighten supply
On-chain data shows a significant reduction in LINK available on centralized exchanges. Santiment data cited by market reports indicates approximately 1.26 million LINK flowed out of exchanges on August 5, the largest single-day net outflow since June 29. This followed a late-July withdrawal of 1.58 million LINK (worth about $13.3 million) from Binance by a whale.
While exchange outflows can reduce immediate selling pressure, they do not confirm long-term holding intentions. Still, the trend suggests some large holders are moving tokens to self-custody, which could tighten near-term float.
Technical levels to watch
On the daily chart, LINK is trading near $8.48, having recovered from a July low around $7.00. The rebound has produced higher lows, but the token remains well below May's $10.50–$11 range and late-2025 prices.
The Keltner Channel places the daily middle line near $8.28, with the upper band at $8.81 and the lower band at $7.75. LINK has moved above the channel midpoint but has not yet tested the upper boundary. A daily close above $8.81 could open a path to the psychological $9.00 level, followed by the May–June trading area around $9.50–$10.00.
However, momentum indicators suggest the rally lacks strong directional conviction. The Average Directional Index (ADX) stands at 12.72, well below the 20 threshold that typically indicates a strong trend. This suggests the move could easily revert to consolidation if buying pressure fades.
Key support lies at the 4-hour VWAP zone of $8.37–$8.44. A break below that could see LINK fall back into the $8.20–$8.35 range, with $7.85–$7.90 as the next downside target. Conversely, a sustained move above $8.81 could trigger a run toward $9.00 and potentially $9.50–$10.00.
For broader market context, gold's recent surge and Nvidia's AI-driven gains highlight the mixed sentiment across asset classes. Investors are also watching weak private payrolls data for clues on the broader economy.
This article is for informational purposes only and does not constitute financial advice.
