Chainlink’s LINK token advanced more than 6% in the past day, climbing above $24.50 on Thursday as altcoins outperformed the broader crypto market. The gains came as institutional purchases and anticipation for spot-based ETFs provided a lift to sentiment.
Treasury and Reserve Activity
Wealth management firm Caliber (CWD) disclosed a $6.5 million purchase of LINK as part of its digital asset treasury allocation. Separately, the Chainlink Reserve acquired another 43,000 tokens (worth roughly $1.05 million) using revenue from protocol services and integrations.
Since August, the Reserve has accumulated more than 323,000 LINK, with a market value of about $7.9 million, mirroring corporate share buyback practices.
ETF Speculation Fuels Optimism
Broader crypto markets were buoyed by optimism that the SEC could soon approve spot-based ETFs, after advancing listing standards that may open the door for multiple altcoins. LINK is viewed as a potential candidate, with several applications submitted earlier this year and futures already trading on Coinbase Derivatives, a U.S.-regulated exchange.
Technical Signals
CoinDesk Research noted strengthening bullish indicators:
- Solid support established at $22.82, confirmed by 5.56 million tokens in volume versus a 24-hour average of 1.48 million.
- Breakouts above $24.16 and $24.42 reinforced sustained buying interest.
- A clear trend of higher lows has emerged, signaling continued upward momentum.
With treasury accumulation and ETF anticipation aligning, LINK’s near-term market structure suggests room for further upside if momentum continues.
