LINK Jumps 42% in a Week as Chainlink Strikes ICE Deal, Launches Token Reserve
Chainlink’s LINK token surged 10% on Tuesday to over $24, marking its highest level since February and bringing its weekly gain to 42% — the largest among the top 50 cryptocurrencies by market cap.
The rally was driven by two major catalysts:
- New partnership with Intercontinental Exchange (ICE) — Chainlink will now bring foreign exchange and precious metals pricing data on-chain via ICE, which owns the New York Stock Exchange. The move deepens Chainlink’s integration into traditional finance.
- Chainlink Reserve — A newly introduced buyback program that uses revenue from Chainlink services and enterprise partnerships to purchase LINK tokens. The mechanism is designed to sustain long-term demand.
Technical Setup Suggests Momentum, but Caution Near Resistance
LINK now trades above its 50-day and 200-day moving averages, signaling strong upside momentum. However, traders are watching for signs of consolidation as technical indicators near stretched levels:
- Resistance zone: $24.10–$24.13
- Support range: $21.00–$21.30
- RSI: 72.7 — entering overbought territory
If LINK clears key resistance levels, a further breakout could follow. But overbought conditions may lead to a temporary pullback or consolidation phase.
