The Oracle service Chainlink’s (LINK) native token surged 10% on Tuesday to a fresh seven-month high amid a new traditional finance partnership and a recent token buyback initiative.
The token topped $24 for the first time since February, extending its rally to 42% in a week. That’s the largest gain among the top 50 tokens by market capitalization.
Among the catalysts was a fresh collaboration between Chainlink and a major financial entity to bring foreign exchange and precious metals pricing data on-chain. The partnership highlights the network’s growing role as a bridge between traditional finance and blockchain infrastructures.
A token purchase program called the Chainlink Reserve, announced last week, aims to convert revenue from Chainlink’s services and enterprise integrations into LINK tokens, establishing ongoing buying momentum.
Technical Indicators Signal Continued Upside
- LINK now trades above its 50-day and 200-day moving averages, validating bullish momentum.
- Near-term resistance emerged near $24, with support around $21.00–$21.30.
- Relative strength index (RSI) measurements approach overbought conditions at 72.72, indicating potential for near-term consolidation.
- A definitive breakthrough above the $24.10-$24.13 resistance zone could trigger the subsequent rally phase.
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Disclaimer: Parts of this article were generated with the assistance of AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards.
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