Key takeaways
- Chainlink (LINK) is one of the top 20 performers, rising about 12% over the past 24 hours.
- The token’s gains follow recent strategic partnerships and product announcements.
Chainlink overtakes Hyperliquid in market capitalization rankings
LINK, the native token of the Chainlink network, has emerged as one of the strongest performers among the top 20 cryptocurrencies by market capitalization. The token climbed roughly 12% in the last 24 hours and is trading above $23 as momentum builds.
As a result of the rally, Chainlink’s market capitalization has expanded to around $16 billion, surpassing Hyperliquid’s roughly $14 billion valuation. That move places LINK as the 11th-largest cryptocurrency by market capitalization.
This advance followed Chainlink’s launch of the Chainlink Reserve last week. The reserve is designed to convert fees from Chainlink services and enterprise integrations into LINK tokens, which could generate sustained buying pressure as revenues are converted into the native token.
Additionally, Chainlink announced a partnership with the Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, earlier this week. The collaboration aims to deliver on-chain price feeds for foreign exchange and precious metals. That partnership underscores Chainlink’s growing role as a bridge between traditional finance and blockchain infrastructure.
LINK eyes $30 as bullish momentum accelerates
The four-hour LINK/USD chart shows a clear bullish tilt as the token continues its upward trajectory. Technical indicators support the rally: the Relative Strength Index (RSI) sits near 63, indicating sustained buying pressure, and the MACD crossed into positive territory last month, signaling a bullish trend.
At the time of writing, LINK is trading around $24. If the positive momentum continues, LINK could break the immediate resistance near $26.90 within hours. A sustained rally would set the stage for a test of $30, a level not seen since December 2024.
On the downside, a market correction could prompt a retest of trendline support and the $21.075 area. Maintaining that support is important for the bullish case; failure to hold it could expose LINK to a deeper pullback toward the monthly low near $15.5.