LINK Soars to Seven-Month High on ICE Partnership, Token Reserve Initiative
Chainlink’s native token LINK climbed 10% on Tuesday, reaching $24 for the first time since February and capping a 42% gain over the past week — the strongest performance among the top 50 cryptocurrencies by market cap.
The rally follows a pair of high-impact developments:
- Chainlink’s partnership with Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, will bring foreign exchange and precious metals pricing data on-chain — reinforcing the protocol’s role as a key data bridge between traditional markets and blockchain infrastructure.
- The launch of Chainlink Reserve, a new buyback mechanism that converts network revenue from services and enterprise adoption into LINK purchases, adding consistent demand pressure to the market.
Technical Setup Remains Bullish, Though Overbought Risks Loom
LINK is now firmly above both its 50-day and 200-day moving averages, confirming strong momentum. However, technical indicators suggest the token may be nearing short-term exhaustion:
- Immediate resistance: $24.10–$24.13
- Support zone: $21.00–$21.30
- RSI: 72.7 — approaching overbought territory
A sustained break above resistance could open the door to another leg higher, with traders watching for confirmation before positioning further.
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