- Chainlink (LINK) has recovered to around $21.50 after an 8% gain, driven by a major partnership with 24 leading financial institutions.
- Large holders are accumulating LINK, and bullish on-chain signals suggest potential for further price upside.
Chainlink (LINK) is showing signs of strength, trading around $21.50 on Tuesday after recovering nearly 8% since Friday. The surge follows a significant industry milestone, where LINK partnered with 24 of the world’s largest financial organizations to streamline corporate actions using its oracle and blockchain technology. With large holders accumulating tokens and bullish on-chain indicators, Chainlink could be positioned for further upside.
Chainlink’s Growing Industry Adoption
Chainlink recently concluded the second phase of a global initiative to standardize corporate actions processing through a combination of blockchain, its oracle platform, and AI. The project has expanded to 24 major organizations, including DTCC, Swift, Euroclear, UBS, DBS Bank, BNP Paribas, ANZ, Wellington Management, and Schroders.
According to Chainlink co-founder Sergey Nazarov, solving corporate action data validation represents “a big leap forward.” The current corporate actions process costs the global financial sector an estimated $58 billion annually, with automation rates falling below 40%. Partner organizations noted that Chainlink’s solution can improve operational efficiency, reduce risk, and scale tokenized asset management.
This growing adoption enhances Chainlink’s real-world utility, institutional credibility, and overall market presence, supporting a long-term bullish outlook for its native token.
Whales Accumulate, Funding Rate Turns Positive
Supply data from Santiment shows increasing accumulation by large holders, with wallets holding 1 million to 10 million LINK adding 3.7 million tokens between September 24 and Tuesday. In contrast, smaller wallets holding 100,000 to 1 million LINK reduced their holdings by 3.38 million tokens, suggesting a potential capitulation event.
Coinglass’s OI-Weighted Funding Rate further strengthens the bullish case, showing a positive reading of 0.0075% on Tuesday. This indicates that traders are leaning toward long positions, historically coinciding with sharp price rallies for Chainlink.
LINK Price Outlook
Chainlink recently found support along an ascending trendline near $20.29, coinciding with the 50% Fibonacci retracement level. At $21.50, LINK faces daily resistance at $22.05. A close above this level could target the next resistance at $26.37.
The daily RSI sits at 44, approaching neutral territory, signaling that bearish momentum is fading. For sustained upward movement, the RSI must move above 50. On the downside, if LINK fails to maintain support, it could retest $19.67 as a key support zone.
With growing adoption, whale accumulation, and a positive funding rate, Chainlink shows potential for a notable upside in the near term, making it a token to watch closely.
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