Chainlink (LINK) has reached a new technical milestone, breaking through a level that has held back its growth for the past four years.
Technical Breakout in Chainlink Price
The monthly chart shows that LINK has broken a descending resistance line that has capped major rallies since 2021. Currently, LINK trades around $25.97, up over 3% today, with a trading volume surge of more than 20%.
On-Chain Supply Dynamics
Fresh accumulation is also boosting the rally. Chainlink Reserve has been steadily acquiring tokens recently, currently holding 109,661 LINK (≈$2.6M). The reserve purchases tokens using enterprise revenues, tightening supply.
Partnership with ICE and Its Impact
In addition to the technical breakout, Chainlink recently announced a partnership with Intercontinental Exchange (ICE) to bring real-time FX and metals pricing into DeFi, marking a significant advancement in traditional finance and blockchain integration.
The break from a four-year downtrend, combined with increasing institutional interest and strengthening reserves, may signal positive prospects for Chainlink's price.
