LINK Surges 10% as Chainlink Reserve, ICE Partnership Fuel Explosive Rally

Oracle service Chainlink's ($LINK) native token surged 10% on Tuesday to a fresh seven-month high amid new traditional finance partnership and a recent token buyback initiative.

The token topped $24 for the first time since February, extending its rally to 42% in a week. That's the biggest gain during among the top 50 tokens by market capitalization, CoinDesk data shows.

Among the catalysts was a fresh collaboration between Chainlink and Intercontinental Exchange, the parent company of the New York Stock Exchange, to bring foreign exchange and precious metals pricing data on-chain. The partnership underscores the network’s expanding role as a bridge between traditional finance and blockchain rails.

A token purchase program dubbed the Chainlink Reserve, announced last week in a blog post, aims to convert revenue from Chainlink's services and enterprise integrations into $LINK tokens, establishing persistent buying momentum.

Chainlink Reserve (Chainlink)

Technical Indicators Signal Continued Upside

• $LINK now trades above its 50-day and 200-day moving averages, validating bullish momentum, CoinDesk's market analysis model showed.
• Near-term resistance emerged near $24, with support around $21.00–$21.30.
• Relative strength index (RSI) measurements approach overbought conditions at 72.72, indicating potential for near-term consolidation.
• A conclusive breakthrough above the $24.10-$24.13 resistance zone could trigger the subsequent rally phase.

Read more

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.