The native token of the Oracle network Chainlink (LINK) jumped by 6% over the past 24 hours, surpassing $24.5 on Thursday as cryptocurrency prices rose, with altcoins leading the way.
This price movement coincided with large-cap altcoins driving crypto markets upward, fueled by speculation that spot-based ETFs could soon be approved by the SEC, streamlining the listing process.
Chainlink’s LINK may be included in this development, as several applications were submitted earlier this year, and LINK futures are being traded on U.S.-regulated exchanges like Coinbase Derivatives.
Caliber (CWD), a public wealth management firm that embraced a Chainlink treasury reserve asset initiative, announced on Thursday that it purchased $6.5 million worth of tokens as part of its digital asset strategy.
The Chainlink Reserve also acquired another 43,000 LINK (approximately $1.05 million) as part of its initiative to buy tokens using revenue from protocol integrations and services, akin to public companies’ share buyback schemes.
Since August, the reserve has gathered a total of 323,116 tokens, valued at $7.9 million, according to available data.
Technical Analysis
Technical indicators suggest LINK is gaining momentum, as per RialCenter’s research data.
- Strong support established at $22.82 with high-volume confirmation of 5.56 million units, significantly exceeding the 24-hour average of 1.48 million.
- Key resistance levels breached include $24.16 and $24.42, indicating sustained buying pressure.
- Ascending low formations throughout the recovery phase signal consistent upward momentum.
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