Share this article
Chainlink's LINK Surges 8%, Defying Crypto Weakness
The native token of the oracle network established strong support levels while breaking key resistance on higher-than-average trading volume.
Aug 20, 2025, 5:22 p.m.
Make us preferred on Google
What to know:
- Chainlink's token LINK surged 8.3% to over $26, outperforming major cryptocurrencies like bitcoin and ether.
- The Chainlink Reserve's token buyback program supports LINK's price, accumulating over $2.8 million in tokens in two weeks.
- LINK broke key resistance levels, showing strong price momentum and forming support around $23.50-$23.60.
Oracle network Chainlink's native token showed remarkable strength during the Wednesday session as cryptocurrencies attempted to bounce back from yesterday's carnage.
LINK topped $26, gaining 8.3% over the past 24 hours and erasing Tuesday's losses. It vastly outperformed most large-cap cryptos, including bitcoin's modest 0.5% and ether's 4% rebound during the same period.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The crypto market benchmark CoinDesk 20 Index was up 1.5%.
The token's relative strength underscores Chainlink's improving appeal to crypto investors as a key piece of infrastructure connecting traditional markets with blockchain rails, benefiting from accelerating institutional adoption.
Sergey Nazarov, co-founder of Chainlink, said on Tuesday he met with U.S. Senator Tim Scott, Chairman of the Senate Banking Committee, leading the effort to bring the market structure bill to the Senate.
"This new version of the market structure bill has many advantages over past versions, enabling our industry to rapidly grow in the U.S. with fewer limitations," Nazarov said in an X post.
The Chainlink Reserve, an initiative that channels revenue from protocol integrations and services to buy LINK tokens, mirroring public companies' share buyback programs, also supports the token's price.
The facility has accumulated 109,664 tokens worth roughly $2.8 million in two weeks and it's poised to execute the next weekly purchase on Thursday, data shows.
Technical Analysis
LINK showcased exceptional price momentum throughout the 24-hour session, successfully breaking critical resistance zones on heightened trading volume before transitioning into a consolidation phase, according to CoinDesk's Research's technical analysis data.
- Price surge of 8.30% from $23.96 to $25.93 during 24-hour period.
- Strong support levels formed around $23.50-$23.60 zone.
- Key resistance broken at $24.50 and $25.20 levels.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
Bitcoin miners surge higher as Anthropic's fundraising efforts boost AI spirits
Anthropic is set to raise $20 billion in its latest funding round, double the amount it initially targeted, according to the FT.
What to know:
- Anthropic, the maker of the Claude chatbot, is set to raise about $20 billion in new funding at a valuation of $350 billion, according to the Financial Times.
- That's double the amount the company initially sought to raise.
- The news is boosting spirits in the AI sector, with bitcoin miners turned AI infrastructure providers like IREN, TeraWulf, Cipher Mining and Hut 8 surging higher.
Top Stories
