Chainlink (LINK) Jumps 10% as Reserve Launch and Whale Accumulation Fuel Rally

Chainlink's LINK token surged 10.25% to $23.34 following the launch of its on-chain Reserve mechanism and notable whale activity. The Reserve, which allocates enterprise revenue to boost network growth, sparked an immediate 14% price increase upon its August 7 debut.

On-chain data shows wallets holding 100,000-1 million LINK expanded their positions by 4.2%, absorbing 0.67% of the circulating supply. This institutional-level accumulation aligns with Brazil's adoption of Chainlink's cross-chain interoperability protocol for its CBDC initiative.

Despite an RSI reading of 70.97 signaling overbought conditions, bullish momentum continues as fundamental developments overshadow technical warnings. Traders appear to be pricing in long-term value from Chainlink's evolving tokenomics and growing enterprise adoption.