Oracle network Chainlink’s (LINK) native token surged 6% over the past 24 hours crossing $24.5 on Thursday as crypto prices climbed higher with altcoins outperforming.
The price action happened as large-cap altcoins led crypto markets higher in anticipation that spot-based ETFs could hit the market soon with the SEC approving general listing standards.
That could include Chainlink’s LINK, too, with several applications filed earlier this year and LINK futures being traded on U.S.-regulated exchanges like Coinbase Derivatives.
Caliber (CWD), a public wealth management firm that adopted a Chainlink treasury reserve asset initiative, said on Thursday it bought $6.5 million worth of tokens as part of its digital asset strategy.
The Chainlink Reserve also purchased on Thursday another 43,000 LINK ($1.05 million) as part of the initiative to buy tokens using revenue from protocol integrations and services, similar to public companies’ share buyback programs.
Since August, the reserve has accumulated a total of 323,116 tokens, worth $7.9 million, data shows.
Technical Analysis
The technical indicators underscore LINK’s gaining momentum, according to CoinDesk’s Research’s technical analysis data.
- Robust support established at $22.82 with high-volume confirmation of 5.56 million units, significantly surpassing the 24-hour average of 1.48 million.
- Multiple resistance levels breached including $24.16 and $24.42, demonstrating sustained purchasing pressure.
- Ascending low formations throughout the recovery phase indicating consistent upward momentum.