Chainlink Price Targets $31.50 as Institutional Demand Surges

Chainlink (LINK) has shown renewed bullish momentum as its price recovery approaches key resistance.

The cryptocurrency's technical structure suggests it may be forming a D-wave recovery within a broader Wave 4 triangle, according to MCO Global.

If momentum strengthens, the move could extend into a larger ABC pattern, keeping the short-term bullish outlook intact.

Grayscale has continued its accumulation of LINK, buying another 443,153 coins worth $5.15 million in addition to its previous purchase of 132,947 coins worth $1.54 million.

This increase in institutional demand, combined with Coinbase's use of Chainlink for tokenized stock data, is strengthening investor interest and expanding utility.