LINK price held steady this week as investors reacted to important Chainlink news. Chainlink token was trading at $8.83, up by 23% from its lowest level this year, giving it a market capitalization of over $6.2 billion. It remains 68% below the highest point in August last year.
Top Chainlink News This Week
The LINK crypto price has rebounded as investors awaited key news this week. In a major development this week, the Bank of England (BoE) selected Chainlink for its Synchronization Labs program, a key component of its real-time gross settlement (RTGS) system.
Other companies in the program include Quant (QNT), a major player in the crypto industry; Swift; Ctrl Alt; the London Stock Exchange; and Nuvante.
The other major Chainlink news was that Robinhood selected it as its oracle network for its newly launched layer-2 chain, which is based on Arbitrum. Ondo, a top player in the real-world asset (RWA) tokenization industry, selected Chainlink for its tokenized stocks and exchange-traded funds.
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Additionally, Polymarket, the leading prediction market, selected Chainlink to power its network, joining Amp, which has provided it with oracle solutions since the beginning.
Meanwhile, Chainlink continued to accumulate its token through off-chain fees. Data shows that the number of tokens in the Strategic LINK Reserves jumped to over 2 million. These tokens are worth approximately $17.9 million, with Chainlink in the red, as the average cost was $15.
American investors have continued to buy LINK ETFs. Data show that the Grayscale and Bitwise Chainlink ETFs have added more than $6.56 million in assets this year, bringing cumulative inflows to more than $81 million.
At the same time, the supply of LINK tokens on exchanges has continued to fall over the past few months, a sign of increased accumulation.
LINK Price Technical Analysis
The daily timeframe chart shows that the LINK crypto price has retreated in the past few months, moving from a high of $27.90 in August last year to a low of $7.10 this month.
Chainlink price recently rebounded to $8.8. It remains below the key support level at $10, its lowest level since April last year. It remains below the 50-day and 100-day Exponential Moving Averages (EMA).
Therefore, the token will likely resume the downward trend as the crypto market crash continues. If this happens, the next key target to watch will be at $7.10. A move below that level will point to more downside, potentially to the psychological level at $5.
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