Chainlink Surges 14.7% to $26 Amid Increased Institutional Activity
Chainlink (LINK) increased by 14.7% over the weekend, reaching $26 for the first time since February. This rise is attributed to heightened institutional interest in real-world asset tokenization.
Key developments include:
- A partnership with ICE, enabling Chainlink’s oracles to integrate forex and precious metals price data on-chain.
- LINK has surged 73% from its August 3 low of $15, outperforming the broader crypto market amid volatility.
- Large investors are accumulating LINK, indicating confidence in further price increases.
- A notable transaction involved a whale swapping 4,806 ETH for 938,489 LINK, suggesting strategic investment moves.
Currently, LINK is consolidating near $26, with a potential breakout toward $27. A close above $26.32 could lead to a new yearly high around $30. Immediate support levels are at $24 and $22.
Technical indicators show bullish momentum, with MACD supporting upward movement and Bollinger Bands indicating increased volatility.