Chainlink’s (LINK) native token has made a notable comeback along with the overall cryptocurrency market, bolstered by Federal Reserve Chair Jerome Powell’s dovish statements made during the Jackson Hole conference in Wyoming.
LINK surged 12% in just 24 hours, reaching a price of $27.8, its highest value since December. Shortly after, Bitcoin experienced a 3.5% increase, while the broader CoinDesk 20 index saw a rise of 6.5%.
Key Highlights:
- Chainlink’s LINK token improved after remarks from Federal Reserve Chair Jerome Powell.
- The company secured two significant security certifications, ISO 27001 and SOC 2 Type 1, enhancing its platform’s credibility.
- Institutional trading significantly increased, indicating a strategic buying pattern for LINK.
In light of this, Chainlink achieved two major security certifications this week: ISO 27001 and SOC 2 Type 1 attestation, a first-of-its-kind certification for a blockchain oracle platform. The audits, conducted by Deloitte, validated Chainlink’s price feeds, proof-of-reserve services, and Cross-Chain Interoperability Protocol (CCIP). This move is expected to strengthen trust among banks, asset issuers, and decentralized finance protocols.
Further adding to the momentum, the Chainlink Reserve, which utilizes protocol earnings to buy LINK tokens on the open market, acquired 41,000 tokens worth about $1 million last Thursday.
Technical Insights:
- Support Levels: A solid defense was established around $24.15.
- Resistance Levels: Successful penetration through $25.00, $25.50, and $26.00 levels was observed.
- Exceptional 12.84 million trading volume was noted during the breakout phase.
“Chainlink’s LINK token surges 8% on strong institutional buying, breaking multiple resistance levels with a five-fold volume spike after a 23-hour consolidation.”
In summary, Chainlink’s recent gains underscore the powerful influence of institutional investors and highlight the growing acceptance of blockchain technology in the financial sector.
