Chainlink LINK Breaks $21 Barrier as Institutional Demand Fuels 13.8% Rally

Chainlink's native token LINK has surged 13.83% in 24 hours, breaking through the $21 psychological barrier to reach $21.41. The rally extends a 32.25% weekly gain, driven by the launch of Chainlink's new reserve mechanism that has already locked over $1 million in protocol revenue.

Whale activity indicates strong accumulation, with addresses holding 100k-1M LINK increasing balances by 4.2% in early August—equivalent to $97 million worth of tokens. Derivatives markets show explosive growth, with open interest up 27% and trading volume spiking 271% to $2.7 billion.

The reserve mechanism creates a deflationary loop that could sustain price momentum, while technical breakout patterns suggest potential for continuation toward $26. Market capitalization now stands at $14.52 billion with $1.33 billion in daily trading volume.