Chainlink Surges on Buybacks and Institutional Demand

Chainlink (LINK) has seen a significant increase in value over the past day, rising by 7.79% to $9.48. This surge in price comes as the asset maintains its position above key moving averages, including the MA-20 at $9.03 and the MA-50 at $8.89.

Recent buyback activity has contributed to this growth, with Chainlink acquiring 127,740 LINK tokens valued at $1.12 million at an average price of $11.14. This move reduces circulating supply and signals ongoing accumulation by the asset.

The institutional demand for Chainlink is also evident in Grayscale's transfer of 44,320 LINK tokens worth approximately $391,000 to Coinbase Prime for custody and staking. This action typically indicates interest from larger investors and limits active selling pressure.