Chainlink’s native token, LINK, experienced a notable 6% surge over the past 24 hours, pushing its price past $24.5 on Thursday. This upward trend coincided with a broader rally in cryptocurrency markets, where large-cap altcoins began to outperform, driven by rising optimism surrounding the potential approval of spot-based exchange-traded funds (ETFs). The anticipation is heightened due to the SEC’s recent approval of general listing standards, which may pave the way for applications that include Chainlink’s LINK.
Speculative interest in LINK is further bolstered by its futures trading on U.S.-regulated exchanges such as Coinbase Derivatives. This has created a favorable environment for investments in the token, attracting institutional players like Caliber (CWD), a public wealth management firm that has recently engaged in a Chainlink treasury reserve asset initiative. On Thursday, Caliber announced it purchased LINK tokens worth $6.5 million as part of its digital asset strategy.
In addition, the Chainlink Reserve made a significant move on the same day, acquiring 43,000 LINK tokens valued at approximately $1.05 million. This acquisition is part of an initiative aimed at buying tokens through revenue earned from protocol integrations and services, mimicking the share buyback strategies commonly employed by public companies. Since August, the Chainlink Reserve has accumulated a total of 323,116 tokens, amounting to about $7.9 million.
From a technical analysis perspective, indicators are reflecting strong momentum for LINK. Data from CoinDesk Research points to a robust support level established at $22.82, confirmed by a high trading volume of 5.56 million units, which significantly exceeds the 24-hour average of 1.48 million. Furthermore, LINK has successfully breached multiple resistance levels, including $24.16 and $24.42, indicating sustained buying pressure. The formation of ascending low patterns during this recovery phase also suggests a consistent upward trajectory for the token.
As the cryptocurrency markets continue to evolve, the movements in LINK could signify a larger trend, influenced by institutional participation and advancements in regulatory landscapes.
