Chainlink's LINK Gains on Joining SEC Crypto Task Force's Tokenization Initiative

Oracle service Chainlink's native token LINK LINK$13.96 advanced over 7% in the past 24 hours, hitting $19, it's strongest price sine February.

The move happened alongside a broad-market rally for altcoins, while the token is also benefitting from U.S. legislation being passed in Congress to set regulatory guardrails for the digital asset markets.

Chainlink's protocol services are a key piece of infrastructure bridging blockchain networks with off-chain data sets, crucial for processes like asset tokenization.

Chainlink Labs said on Thursday it has been admitted to the U.S. Securities and Exchange Commission's (SEC) Crypto Task Force alongside four additional digital asset projects to deliberate compliant tokenization frameworks.

"For the blockchain industry to reach its full potential and tap institutional capital, meeting regulatory requirements is essential," Chainlink said in an X post. "Only Chainlink provides the compliance, privacy, cross-chain, and data infrastructure needed to scale digital asset adoption in a single platform."

Technical analysis

• LINK exhibited extraordinary bullish momentum throughout the preceding 24-hour period from 17 July 13:00 to 18 July 12:00, surging from $17.25 to a zenith of $19.12 before settling at $18.43, CoinDesk's analytics model said.
• Robust volume-supported resistance established proximate to $19.12 with support consolidating near $18.33.
• The asset presently consolidates within a constrained range between $18.25-$18.55, suggesting potential continuation of the upward trajectory following this constructive retracement.
• Principal resistance levels materialise at $18.90 and $19.12, whilst support appears well-established at $18.25 and $17.65.
• The price action corroborates the continuation of the broader uptrend with the asset successfully defending the $18.33 support zone.