The price of link (link), native symbol of the Oracle provider Chainlink, rose 4% Monday and expanded his rebound from the late week’s crypto blood bath.
The token hit $ 17 during the session, which is almost 10% from the weekend low, Coindesk data shows.
The move happened when Chainlink rolled market data to US equities and ETFs with the aim of connecting traditionally financial instrument with capital markets on the chain. Chainlink data flows now provide “real-time prices with high capacity” for assets such as Spy, QQQ, NVDA, AAPL, MSFT and other instruments across 37 blockchain networks, according to a blog post. The function enables the use of cases such as tokenized stock trading, eternal futures and synthetic ETFs on blockchain rails.
Solana-based Defi Protocol Kamino and Decentralized Eternal Trade Place GMX have already started using the service, according to The Post.
“This is a significant leap forward for tokenized markets – the closure of a critical gap between traditional economy and blockchain infrastructure,” Johann Eid, head of business manager at Chainlink Labs, said in the post.
Technical analysis shows strong momentum
Link showed a remarkable bullish performance throughout the 24-hour trade session, climbing from $ 16.16 to $ 16.87 and delivered a significant gain of 4.39%, according to Coindesk Research’s technical analysis model.
The sustained upward momentum, characterized by gradually higher low and consistent volume above the average in rally phases, indicates lasting bullish market mood with a strong potential for additional gains targeting the psychological threshold of $ 17.00, the model said.
Technical indicators
- Normal support established for $ 16.11 representing the initial session low in the 24-hour period.
- High volume support confirmed at $ 16.29 during the Midnight UTC wave with significant trading activity.
- Key resistance formed at $ 16.87 with strong volume confirmation and several test experiments.
- Volume tip to 1,533,754 units during the 4th of August 13:00 hour, almost tripling the average volume.
- Breakout pattern confirmed from $ 16.65 to $ 16.83 Establishment of critical resistance reversed support level.
- Higher low pattern that was maintained throughout the rally, indicating lasting bullish momentum.
- Volume confirmation over 30,000 units in the main rally phases that support the price action upwards.
Disclaimer: Parts of this article were generated with the help of AI tools and reviewed by our editorial team to ensure accuracy and compliance with Our standards. For more information, see Coindesk’s full AI policy.
