Chainlink's native token surged 10% on Tuesday to a fresh seven-month high amid new traditional finance partnership and a recent token buyback initiative. The token topped $24 for the first time since February, extending its rally to 42% in a week. That's the biggest gain among the top 50 tokens by market capitalization, CoinDesk data shows. Among the catalysts was a fresh collaboration between Chainlink and Intercontinental Exchange, the parent company of the New York Stock Exchange, to bring foreign exchange and precious metals pricing data on-chain. The partnership underscores the network’s expanding role as a bridge between traditional finance and blockchain rails. A token purchase program dubbed the Chainlink Reserve, announced last week in a blog post, aims to convert revenue from Chainlink's services and enterprise integrations into LINK tokens, establishing persistent buying momentum. Technical indicators show bullish momentum for LINK if it can break above the near-term resistance at around $24, CoinDesk's analytics model suggests. LINK now trades above its 50-day and 200-day moving averages, validating bullish momentum, CoinDesk's market analysis model showed. Near-term resistance emerged near $24, with support around $21.00–$21.30. Relative strength index (RSI) measurements approach overbought conditions at 72.72, indicating potential for near-term consolidation. A conclusive breakthrough above the $24.10–$24.13 resistance zone could trigger the subsequent rally phase.

LINK Surges 10% as Chainlink Reserve, ICE Partnership Fuel Explosive Rally

Chainlink's native token, LINK, surged 10% to a seven-month high of $24, marking its biggest weekly gain among the top 50 tokens by market capitalization. The rally was driven by a new partnership between Chainlink and Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, to bring foreign exchange and precious metals pricing data onto the blockchain. Additionally, Chainlink launched a token buyback initiative, the Chainlink Reserve, which converts revenue from its services into LINK tokens to create sustained buying pressure. Technical analysis indicates bullish momentum, with LINK above its 50-day and 200-day moving averages, though the RSI nears overbought levels at 72.72, suggesting potential short-term consolidation. A breakout above $24.10–$24.13 resistance could trigger further gains.