Chainlink (LINK) staged a strong recovery on Wednesday, climbing 5% to an intraday high of $8.38 before settling at $8.27. The move came as Bitcoin (BTC) gained over 3%, reaching $64,726.85, and the total crypto market cap rose roughly 3.01%, reflecting a broader improvement in market sentiment.
LINK’s 24-hour trading volume surged 16.61% to approximately $254.22 million, indicating that the price increase was backed by significant market participation. The token is now up 3.7% for the week and nearly 6% over the past month, although it remains far below its May 2021 all-time high of $52.70.
The technical picture has strengthened, with LINK climbing above its 10-day, 20-day, and 50-day exponential moving averages, a sign of improving short-term momentum. The daily Relative Strength Index (RSI-14) sits at 58.75, leaving room for further gains without being overbought. On the weekly timeframe, however, the RSI is 38.97, highlighting that the token is still recovering from a longer-term downtrend.
Key resistance levels are now in focus. A daily close above $8.315 would strengthen the uptrend and could open the door toward the next resistance at $9.193. Support has formed at $8.24, with a break below that level risking a drop to $7.52.
Beyond price action, Chainlink’s on-chain metrics show steady growth. The number of wallets holding LINK has hit a record high of over 900,000 non-empty Ethereum addresses, with more than 20,000 new holders added in the past month. This suggests continued accumulation even as the altcoin market struggled for momentum.
Additionally, Chainlink’s Cross-Chain Interoperability Protocol (CCIP) continues to gain traction in decentralized finance. Lending protocol Aave has expanded its integration of CCIP for cross-chain deposits and withdrawals, Stable Vault operations, vault rebalancing, yield optimization, GHO stablecoin transfers, and cross-chain governance execution. This underscores Chainlink’s evolving role as vital infrastructure for dApps, extending well beyond its well-known price feeds.
