Chainlink (LINK) is attempting a February recovery toward $11.50 as institutional multichain momentum builds while price stabilizes near key support.
As the basic infrastructure supporting tokenized assets and Cross-Chain Interoperability, Chainlink is continuing to progress its role in institutional blockchain adoption. At press time, the coin is trading at $8.86 with an increase of 1.02% over the past 24 hours.
Establishing Relevance of the DTCC to Infrastructure
A new X post from the Depository Trust & Clearing Corporation confirms their investment in Chainlink Labs collaboration, which showcases a growing focus on institutional-grade blockchain infrastructures as well as improving interoperability.
Partnering with the Depository Trust & Clearing Corporation, Chainlink Labs has begun to show interoperability and level of marketplace uniqueness across Global Markets in an effort to establish an understanding of Institutional Infrastructure.
By forming alliances with other combined/multi-chain suppliers, LINK has closed another competitive gap in the market for Institutional infrastructure, under the Cross-Chain Theory.
Also Read: Chainlink (LINK) Defends Long-Term Base As Bulls Eye $50–$60 Zone
LINK Trading Prices Seem to be Positioning for a Rally Early On
According to TradingView, LINK has been trading at approximately $8.86 and has established support at $8.60. The overall trend has been downward, with a major resistance level at roughly $11.47.
The RSI (Relative Strength Index) has just recently bounced off its lows and the MACD (Moving Average Convergence Divergence) histogram has recently turned positive; therefore, there is evidence of weakened downward momentum.
If the buyers can successfully defend these levels and push back up through $9.50, it is possible for LINK to reach between $10.20 and possibly as high as $11.50.
Additionally, if the current support does remain intact, then the possibility of creating new levels of support around the $8.00 area is also very likely.
Link is at an important Technical Point for February’s midway point; Short-term consolidation is testing a bearish trend. $8.60 continues to support a potential run-up (i.e., “relief rally”) toward $10.20-$11.50.
If momentum indicators keep getting stronger and volume increases on moves higher. The larger trend, however, is still downward. To transition from corrective to recovery, reclaiming $11.50 should provide a key price point.
Also Read: Chainlink Breaks Key Resistance as Bullish Momentum Targets $10.20–$10.40 Level