Chainlink Breaks Out as On-Chain Reserve Ignites Bullish Momentum
- LINK surged 9% after unveiling its on-chain reserve funded by revenue streams.
- Technical breakout puts $20 in sight, with room for a run toward $21.50.
- Solaxy’s $14M Layer-2 presale adds extra buzz to the Solana ecosystem.
Chainlink (LINK) had one of its strongest sessions in weeks on Friday, Aug. 8, jumping 9% and pushing past $18.1 before settling near $19.66 at press time. The surge was fueled by a mix of macro sentiment—after Donald Trump hinted at possible tariff relief for imported tech components—and a major project-specific catalyst: the launch of Chainlink’s new on-chain LINK reserve.
Inside the Chainlink Reserve Launch
The newly announced reserve will be funded through both on-chain and off-chain revenue streams, including enterprise payments and fees generated by Chainlink’s upgraded Payment Abstraction system. These revenues are now being converted into LINK and stored on-chain with no short-term withdrawal plans. In fact, the reserve already holds over $1 million worth of LINK—an early sign of rapid adoption.
The enhanced Payment Abstraction layer now enables seamless conversion of stablecoins and other assets into LINK, a move that could steadily increase market demand. By locking up tokens in the reserve, Chainlink is effectively tightening available supply, a dynamic that can add fuel to price rallies when demand spikes.
Technical Setup Targets $20 and Beyond
LINK has been consolidating above the $16 support level for over a week, but Thursday’s 5.67% rally to $19.52 broke it free from that range. Price action cleared the 20-day SMA at $17.02, along with shorter-term SMAs (5, 8, and 13), putting LINK firmly in recovery mode.
The Relative Strength Index (RSI) sits at 64.15—well below the overbought threshold—suggesting there’s still room to run. If bullish pressure holds, the $20 resistance zone, last touched in mid-July, is the next hurdle. A breakout there could open the path toward $21.50, June’s local high.
Layer-2 Buzz: Solaxy Presale Heats Up
While Chainlink steals the spotlight, the Layer-2 scene is watching Solaxy, Solana’s first native Layer-2 protocol, make waves in its presale. With over $14 million raised, early $SOLX stakers are being promised up to 70% APY, alongside ecosystem rewards.
The project is prepping for major CEX listings and another roadmap phase, and early buyers are eyeing the next price tier unlock with confidence.
The post Chainlink Breaks Out as On-Chain Reserve Ignites Bullish Momentum first appeared on BlockNews.
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Chainlink Breaks Out as On-Chain Reserve Ignites Bullish Momentum
- LINK surged 9% after unveiling its on-chain reserve funded by revenue streams.
- Technical breakout puts $20 in sight, with room for a run toward $21.50.
- Solaxy’s $14M Layer-2 presale adds extra buzz to the Solana ecosystem.
Chainlink (LINK) had one of its strongest sessions in weeks on Friday, Aug. 8, jumping 9% and pushing past $18.1 before settling near $19.66 at press time. The surge was fueled by a mix of macro sentiment—after Donald Trump hinted at possible tariff relief for imported tech components—and a major project-specific catalyst: the launch of Chainlink’s new on-chain LINK reserve.
Inside the Chainlink Reserve Launch
The newly announced reserve will be funded through both on-chain and off-chain revenue streams, including enterprise payments and fees generated by Chainlink’s upgraded Payment Abstraction system. These revenues are now being converted into LINK and stored on-chain with no short-term withdrawal plans. In fact, the reserve already holds over $1 million worth of LINK—an early sign of rapid adoption.
The enhanced Payment Abstraction layer now enables seamless conversion of stablecoins and other assets into LINK, a move that could steadily increase market demand. By locking up tokens in the reserve, Chainlink is effectively tightening available supply, a dynamic that can add fuel to price rallies when demand spikes.
Technical Setup Targets $20 and Beyond
LINK has been consolidating above the $16 support level for over a week, but Thursday’s 5.67% rally to $19.52 broke it free from that range. Price action cleared the 20-day SMA at $17.02, along with shorter-term SMAs (5, 8, and 13), putting LINK firmly in recovery mode.
The Relative Strength Index (RSI) sits at 64.15—well below the overbought threshold—suggesting there’s still room to run. If bullish pressure holds, the $20 resistance zone, last touched in mid-July, is the next hurdle. A breakout there could open the path toward $21.50, June’s local high.
Layer-2 Buzz: Solaxy Presale Heats Up
While Chainlink steals the spotlight, the Layer-2 scene is watching Solaxy, Solana’s first native Layer-2 protocol, make waves in its presale. With over $14 million raised, early $SOLX stakers are being promised up to 70% APY, alongside ecosystem rewards.
The project is prepping for major CEX listings and another roadmap phase, and early buyers are eyeing the next price tier unlock with confidence.
The post Chainlink Breaks Out as On-Chain Reserve Ignites Bullish Momentum first appeared on BlockNews.
Read More
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