Chainlink Surges 9% Following Strategic Reserve Launch and Market Sentiment
Chainlink (LINK) achieved a 9% gain on August 8, surpassing $18.1, following positive market sentiment and the announcement of its new strategic on-chain LINK reserve.
- Improved sentiment from potential tariff relief comments by Donald Trump contributed to the price increase.
- The Chainlink Reserve will utilize both on-chain and off-chain revenues to convert funds into LINK tokens.
- Over $1 million in LINK has already been accumulated in the reserve.
LINK's recent performance includes:
- 5.67% rise on August 7, closing at $19.52.
- Breakout above the 20-day simple moving average (SMA) of $17.02 after consolidating near the $16 support level.
- Relative Strength Index (RSI) at 64.15, indicating room for further gains.
The combination of reduced supply and bullish sentiment may position LINK for a breakout above $20, targeting around $21.50.
Attention is also shifting to Solaxy, Solana's first Layer-2 protocol, which has raised over $14 million in presale, offering up to 70% APY for early stakers of its native $SOLX token.