Oracle network Chainlink's (LINK) native token showed remarkable strength during the Wednesday session as cryptocurrencies attempted to bounce back from yesterday's carnage.
LINK topped $26, gaining 8.3% over the past 24 hours and erasing Tuesday's losses. It vastly outperformed most large-cap cryptos, including bitcoin's (BTC) modest 0.5% and ether's (ETH) 4% rebound during the same period.
The crypto market benchmark CoinDesk 20 Index was up 1.5%.
The token's relative strength underscores Chainlink's improving appeal to crypto investors as a key piece of infrastructure connecting traditional markets with blockchain rails, benefiting from accelerating institutional adoption.
Sergey Nazarov, co-founder of Chainlink, said on Tuesday he met with U.S. Senator Tim Scott, Chairman of the Senate Banking Committee, leading the effort to bring the market structure bill to the Senate.
"This new version of the market structure bill has many advantages over past versions, enabling our industry to rapidly grow in the U.S. with fewer limitations," Nazarov said in an X post.
The Chainlink Reserve, an initiative that channels revenue from protocol integrations and services to buy LINK tokens, mirroring public companies' share buyback programs, also supports the token's price.
The facility has accumulated 109,664 tokens worth roughly $2.8 million in two weeks and it's poised to execute the next weekly purchase on Thursday, data shows.
Technical Analysis
LINK showcased exceptional price momentum throughout the 24-hour session, successfully breaking critical resistance zones on heightened trading volume before transitioning into a consolidation phase, according to CoinDesk's Research's technical analysis data.
- Price surge of 8.30% from $23.96 to $25.93 during 24-hour period.
- Strong support levels formed around $23.50-$23.60 zone.
- Key resistance broken at $24.50 and $25.20 levels.
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.
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