Chainlink’s LINK Token Rises 8.3% Amid Crypto Market Recovery
Chainlink's native token, LINK, increased by 8.3%, reaching over $26, while most large-cap cryptocurrencies showed modest gains. The CoinDesk 20 Index rose by 1.5%.
- LINK's price surge erased previous losses.
- Key support levels established around $23.50-$23.60.
- Resistance broken at $24.50 and $25.20.
Chainlink is becoming more appealing to investors due to its role in connecting traditional markets with blockchain technology, supported by institutional adoption.
Co-founder Sergey Nazarov discussed a new market structure bill with U.S. Senator Tim Scott, which aims to facilitate industry growth in the U.S.
The Chainlink Reserve has acquired 109,664 LINK tokens worth approximately $2.8 million in two weeks, with another purchase scheduled soon.