Chainlink (LINK) Sees Price Boost on Data Stream Launch

Chainlink's native token, LINK, experienced a positive price movement, climbing 4% as the oracle provider launched its Data Streams service for U.S. Equities and ETFs.

This new service aims to connect traditional financial instruments with the on-chain capital markets. Chainlink Data Streams now offer real-time, high-throughput pricing for assets like SPY, QQQ, NVDA, AAPL, and MSFT across 37 blockchain networks.

Key Takeaways:

• TradFi Meets DeFi: Chainlink's new data streams provide a critical bridge between traditional finance and decentralized finance.
• Real-Time Pricing: The service offers high-throughput, real-time pricing for key U.S. Equities and ETFs.
• Broad Blockchain Support: Data Streams are available across 37 blockchain networks.

Use Cases

This feature unlocks numerous possibilities, including:

• Tokenized Stock Trading
• Perpetual Futures
• Synthetic ETFs

According to Chainlink, Solana-based DeFi protocol Kamino and decentralized perpetuals trading venue GMX have already begun integrating the service.

"This is a significant leap forward for tokenized markets — closing a critical gap between traditional finance and blockchain infrastructure," said Johann Eid, Chief Business Officer at Chainlink Labs.

Technical Analysis

Technical analysis indicates strong bullish momentum for LINK, with the price climbing from $16.16 to $16.87. Consistent upward momentum, marked by higher lows and above-average volume during rallies, suggests continued positive sentiment and the potential to reach the $17.00 mark.

Key support levels were established at $16.11 and $16.29, with resistance forming at $16.87. A breakout pattern was confirmed from $16.65 to $16.83, turning previous resistance into a support level.