Oracle service Chainlink’s (LINK) native token surged 10% on Tuesday to a fresh seven-month high amid 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 biggest gain during among the top 50 tokens by market capitalization, CoinDesk data shows.
Among the catalysts was a fresh collaboration between Chainlink and Intercontinental Exchange, the parent company of the New York Stock Exchange, to bring foreign exchange and precious metals pricing data on-chain. The partnership underscores the network’s expanding role as a bridge between traditional finance and blockchain rails.
A token purchase program dubbed the Chainlink Reserve, announced last week in a blog post, aims to convert revenue from Chainlink’s services and enterprise integrations into LINK tokens, establishing persistent buying momentum.
Technical Indicators Signal Continued Upside
- LINK now trades above its 50-day and 200-day moving averages, validating bullish momentum, CoinDesk’s market analysis model showed.
- 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 conclusive breakthrough above the $24.10-$24.13 resistance zone could trigger the subsequent rally phase.
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