Chainlink’s LINK Token Rises 18% to $26.05 Among Top Cryptos
Chainlink's LINK token surged 18% to $26.05, leading the top 50 cryptocurrencies in percentage gains. Analysts attribute this increase to momentum and key developments.
Key Points
- Analysts suggest LINK could reach $30, but warn about psychological barriers at round-number levels.
- Zach Humphries views LINK as undervalued, emphasizing its role in decentralized finance infrastructure.
- Milk Road reported a 66% increase in 24-hour trading volume and noted LINK’s breakout above $24.50.
- Recent catalysts include Chainlink's onchain reserve launch and partnership with Intercontinental Exchange (ICE).
Chainlink Reserve
Launched on Aug. 7, the Chainlink Reserve is a smart contract treasury that accumulates LINK by converting revenue into LINK over time. It has already collected over $1 million worth of LINK, with no withdrawals planned for several years. This initiative links adoption directly to token demand and offers transparency regarding inflows.
ICE Partnership
On Aug. 11, Chainlink partnered with ICE to integrate forex and precious metals data into Chainlink Data Streams. This collaboration enhances Chainlink's data feeds, making them more appealing to traditional finance players and facilitating institutional adoption.
Outlook
Analysts indicate LINK is positioned strongly due to its trend, perceived undervaluation, and strategic moves by Chainlink.