Chainlink Strategic Reserve Swells to New Heights

Chainlink has added another significant amount to its strategic reserve, further solidifying its institutional backing. The blockchain project added 91.1K LINK (~$1.06M) to its reserve, bringing the 30-day accumulation total to 511K LINK (~$5.52M). This substantial influx of funds raises the total reserve value to 5.86M LINK (~$67.24M).

This steady accumulation is likely to be taken into account by LINK price prediction models, which are currently factoring in this institutional support against the current $11.52 level. The technical analysis of the market suggests a bearish structure with the price below EMA50 resistance at $11.98.

However, despite the bearish signs, the RSI (Relative Strength Index) is still above 30, indicating that the price has not yet reached oversold territory. Additionally, the Bollinger band indicates that the next volatility exhaustion could target the lower band support at $11.17 before any sustained move higher.