Chainlink Price Surges Above $12 Amid Institutional Adoption
Chainlink's price has broken above $12, marking a significant milestone in its recent rally. The token has gained over 80% in less than two months, with key catalysts driving this surge including partnerships with Bottomline and BitGo, expanding presence in tokenized stocks and real-world assets, and adoption of Chainlink's Proof of Reserve by Wyoming's Stable Token Commission.
The latest breakout above $12 has seen open interest jump to $378.9 million, while the funding rate remains positive at 0.008%. This indicates a bullish market without excessive leverage, as buyers seem to be absorbing selling pressure rather than letting it push prices lower. Currently, holding $12 is crucial for the price, which may pave the way for more upside to $13.67 and eventually to $14 or $15.
A large whale has moved over 620K LINK, worth about $7.6 million, to Coinbase, potentially adding selling pressure near current highs. However, there is currently no strong evidence of selling, and the market remains cautiously bullish as long as the token holds the $12 support zone.