The price of Chainlink’s native token, LINK, saw a 4% increase on Monday, continuing its rebound from last week’s crypto market crash. According to CoinDesk data, the token reached $17 during the session, up almost 10% from its weekend lows.
This surge in price coincided with the launch of Chainlink’s market data feed for U.S. equities and ETFs. The company aims to bridge the gap between traditional financial instruments and on-chain capital markets by providing real-time, high-throughput pricing for assets like SPY, QQQ, NVDA, AAPL, MSFT, and others across 37 blockchain networks.
The new feature has already been adopted by Solana-based DeFi protocol Kamino and decentralized perpetuals trading venue GMX, according to a blog post. Johann Eid, Chief Business Officer at Chainlink Labs, called it a “significant leap forward for tokenized markets.”
Technical analysis also shows strong momentum for LINK, with the token exhibiting a bullish performance throughout the 24-hour trading session. It climbed from $16.16 to $16.87, delivering a 4.39% gain. The persistent upward momentum, characterized by higher lows and above-average volume, suggests a sustained bullish market sentiment with potential for further gains targeting the $17.00 psychological threshold.
Key support levels for LINK were established at $16.11 and $16.29, while resistance was formed at $16.87. The volume spike during the 4 August 13:00 hour, reaching 1,533,754 units, was nearly triple the average volume. This breakout pattern was confirmed from $16.65 to $16.83, establishing a critical resistance turned support level. The higher lows pattern maintained throughout the rally also indicates sustained bullish momentum.
Disclaimer: This article was generated with the assistance of 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.
Source:Read More