- Caliber revealed a $2 million LINK purchase as part of the Caliber Digital Asset Treasury (DAT) expansion, while the Chainlink reserve expanded its position by 59,968.58 LINK on Thursday.
- LINK price correction is poised for a major support test at $15.5 support.
- Chainlink announced a technical partnership with MegaETH to integrate Chainlink Data Streams natively.
LINK, the native cryptocurrency of the Oracle network Chainlink, plunged over 6% on Friday to currently trade at $16.39. The selling pressure aligns with the broader market pullback as U.S.-China trade tension continues to hurt market sentiment. Despite the price decline, the corporate interest in LINK continues to strengthen, along with additional token acquisition from Chainlink Reserve and utility growth. Will this altcoin hold the $15 floor?
Caliber and Chainlink Reserve Expands LINK Holding Amid Price Sell-off
The crypto market experienced a continued bloodbathon Friday, October 17th, with pioneer digital asset Bitcoin plunging to a low of $103,500. Chainlink was one of the worst, losing more than 11% to hit an intraday low of $15.7 before bouncing a little higher to $16.3.
Despite the price decline, Chainlink’s institutional participation kept growing. Caliber (NASDAQ: CWD), a diversified real estate and digital asset management platform, announced the acquisition of LINK tokens for $2 million as part of Caliber Digital Asset Treasury (DAT) expansion.
The corporation has issued 94,903 tokens at an average of $21.07 per token (including transaction fees). With this new acquisition, Caliber’s total Chainlink holdings have increased to 562,535 LINK, which brings the value of the firm’s LINK portfolio to approximately $10.1 million. The acquisition is a continuation of Caliber’s gradual approach in building up its bank of digital assets while following its treasury diversification strategy.
Along with institutional accumulation, on-chain activity also started to see renewed accumulation patterns. The Chainlink Reserve added 59,968.58 LINK on Thursday, moving its total balance to 523,158.77 tokens. However, given an average purchase price of $21.98, the reserve is still in the red with an unrealized loss of more than 34%.
In another announcement, Chainlink added a new MegaETH integration, which natively integrates its Data Streams feature on the MegaETH execution layer. Through this native precompile implementation, smart contracts on MegaETH now have access to high-frequency market feeds with sub-second latency.
The alliance empowers decentralized applications, including derivatives platforms, prediction protocols, and algorithmic stablecoins, to run almost as rapidly and accurately as in a centralized exchange but with the transparency and composability of on-chain operation. This makes Chainlink’s infrastructure an important data layer for use in new real-time DeFi environments.
LINK Price Heading For Major Support Test
The daily chart analysis of Chainlink price shows a bearish turnaround from the $20 psychological level to $16.61, accounting for 17.3%. This new lower-high formation in price indicates an intact sell-to-bounce sentiment in price, which is often observed in an established downtrend.
The LINK price now wavering below the 200-day exponential moving average further reinforces the bearish sentiment in the market. If the selling pressure persists, the price could flip the $15.55 support into a potential resistance. The post-breakdown fall could push the price another 20% before seeking stable support from the long-coming ascending trend at $22.5.
Since June 2023, dynamic support trends have acted as a major accumulation zone for LINK holders, where previous reversals managed to push the price to a recovery ranging from 175% to 350%. Until the support is intact, the LINK price could hold its long-term bullish trend.
Also Read: CZ Calls for Transparency in BNB and All DAT Projects Post QMMM
