Chainlink LINK Breaks $21 Barrier on Institutional Demand and Deflationary Boost

Chainlink's native token LINK has surged 13.83% in 24 hours, surpassing the $21 psychological barrier with a market cap of $14.52 billion. The rally follows the August 7 launch of chainlink Reserve, a protocol-level mechanism that has already locked $1 million worth of revenue in LINK, creating structural buy pressure.

Whale accumulation indicates growing institutional interest, with addresses holding 100k-1M LINK increasing balances by 4.2% in early August—a $97 million inflow. Derivatives markets reflect the bullish sentiment, with open interest up 27% and trading volume spiking 271% to $2.7 billion.

Technical indicators confirm the breakout, with LINK clearing its 200-day moving average as daily trading volume reaches $1.33 billion. The token is now testing resistance at $21.24 after establishing support above $18.78, with market structure suggesting potential for continuation toward $26.