Chainlink Price to Hit New Yearly High, as Institutional Demand Grows Louder?

Chainlink price has extended its rally, chugging up to $24.88 after adding 2.4% in gains since yesterday and 11.11% over the week. The surge has come into effect as Chainlink partners with Intercontinental Exchange (ICE) to deliver real-time forex and metals data on-chain. This is a major step toward institutional-grade oracle infrastructure. For those curious about how it affects LINK, ICE’s data feed aggregates inputs from 300+ global venues, strengthening LINK’s role in bridging traditional finance and DeFi.

The move coincides with the activation of Chainlink’s on-chain reserve mechanism on August 7, which automatically converts 50% of protocol fees into LINK. This has already locked over 109,000 tokens, worth $2.8M. Adding to the momentum, yes, we have more to the list, a whale purchase of 938,489 LINK ($21.25M) on August 17 pushed prices above $24.50.

LINK Price Analysis

LINK price is currently trading at exchanges for $24.88, with a market cap of $16.88 billion and daily trading volume up 140% to $2.99 billion. The 24-hour range spans from $24.09 to $26.22.

Looking at the price chart, technical indicators suggest bullish momentum but highlight an important hurdle at $26.32, which is the March 2024 high. A confirmed close above this level would set a new yearly high and potentially open the path toward $31.06.

Immediate support lies at $24.50, where recent whale accumulation aligns with a strong demand zone. Below this, the next support sits at $22.65, while deeper pullbacks could test $20.15. Resistance is clearly defined at $26.32, followed by $31.06 as the next target.

The RSI at 57 signals healthy upside momentum without entering overbought territory. Bollinger Bands show LINK holding above its midline, with upper band resistance around $26.29, fostering the breakout threshold.

If buyers maintain pressure and volume sustains above current levels, LINK price could retest $26.32 quickly. However, failure to close above the resistance risks a short-term retracement toward $24.50 support.

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