Chainlink’s token LINK gained nearly 6% in the past 24 hours, breaking above $24.50 on Thursday as altcoins outperformed the broader crypto market. The rally was fueled by continued institutional accumulation and mounting speculation around U.S. approval of spot-based exchange-traded funds (ETFs).

Institutional and Reserve Purchases

Wealth management firm Caliber (CWD) disclosed a $6.5 million purchase of LINK, part of its long-term digital asset treasury strategy. Meanwhile, the Chainlink Reserve added 43,000 LINK (roughly $1.05 million) on Thursday, extending its buyback initiative that deploys revenues from integrations and protocol services.

Since August, the Reserve has purchased over 323,000 LINK, worth nearly $7.9 million, reflecting sustained demand similar to corporate stock repurchase programs.

ETF Prospects Lift Sentiment

Investor sentiment is also buoyed by the possibility that spot-based crypto ETFs could soon gain approval in the U.S., following the SEC’s move to advance general listing standards. With several applications submitted earlier this year and LINK futures trading on regulated exchanges such as Coinbase Derivatives, Chainlink is seen as a candidate for inclusion.

Technical Picture

According to CoinDesk Research, LINK’s technical backdrop points to strengthening momentum:

• Support at $22.82 was confirmed with heavy trading volumes of 5.56 million, well above the daily average of 1.48 million.
• Resistance levels at $24.16 and $24.42 were broken, showing strong buying pressure.
• A pattern of higher lows has emerged, reinforcing the token’s upward trajectory.

With institutional adoption gathering pace and ETF anticipation building, LINK’s market setup suggests room for continued strength if momentum holds.