Chainlink's LINK Surges 6% on Treasury Purchase, ETF Anticipation

Oracle network Chainlink's (LINK) native token surged 6% over the past 24 hours crossing $24.5 on Thursday as crypto prices climbed higher with altcoins ￰0￱ price action happened as large-cap altcoins led crypto markets higher in anticipation that spot-based ETFs could hit the market soon with the SEC approving general listing ￰1￱ could include Chainlink's LINK, too, with several applications filed earlier this year and LINK futures being traded on U. S.-regulated exchanges like Coinbase ￰2￱ (CWD), a public wealth management firm that adopted a Chainlink treasury reserve asset initiative, said on Thursday it bought $6.5 million worth of tokens as part of its digital asset ￰3￱ Chainlink Reserve also purchased on Thursday another 43,000 LINK ($1.05 million) as part of the initiative to buy tokens using revenue from protocol integrations and services, similar to public companies' share buyback ￰4￱ August, the reserve has accumulated a total of 323,116 tokens, worth $7.9 million, data ￰5￱ Analysis The technical indicators underscore LINK's gaining momentum, according to CoinDesk's Research's technical analysis ￰6￱ support established at $22.82 with high-volume confirmation of 5.56 million units, significantly surpassing the 24-hour average of 1.48 ￰7￱ resistance levels breached including $24.16 and $24.42, demonstrating sustained purchasing ￰8￱ low formations throughout the recovery phase indicating consistent upward momentum.