Chainlink’s LINK token advanced more than 6% in the last 24 hours, climbing past $24.50 on Thursday as altcoins took the lead in crypto markets. The move was driven by a mix of institutional accumulation and optimism that U.S. regulators could soon clear the path for spot-based ETFs.
Treasury and Reserve Accumulation
Publicly listed wealth manager Caliber (CWD) confirmed it had acquired $6.5 million worth of LINK as part of its treasury allocation strategy. At the same time, the Chainlink Reserve added 43,000 LINK (valued at about $1.05 million) on Thursday, extending its program of buying tokens with revenues generated from protocol integrations.
Since launching the initiative in August, the Reserve has purchased over 323,000 LINK, worth nearly $7.9 million, mirroring traditional corporate stock buyback strategies.
ETF Optimism Boosts Sentiment
The broader market lifted as investors bet that spot crypto ETFs could soon receive approval, after the SEC advanced new listing standards. Chainlink may be among the beneficiaries, with multiple ETF applications already filed this year and LINK futures actively trading on Coinbase Derivatives, a U.S.-regulated platform.
Technical Outlook Strengthens
Data from CoinDesk Research highlights bullish market structure for LINK:
- Strong support at $22.82, confirmed by unusually high volumes of 5.56 million tokens compared to an average of 1.48 million.
- Breakouts above $24.16 and $24.42 underscored persistent buy-side pressure.
- A pattern of higher lows throughout recent sessions signals sustained upward momentum.
Together, institutional buying, protocol-led token accumulation, and growing ETF anticipation are reinforcing Chainlink’s bullish trajectory in the current market cycle.
