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The Chainlink LINK token increased by 8.3% to over $26, outperforming major cryptocurrencies like Bitcoin and Ethereum.
Chainlink's token buyback program supports the price of LINK, having raised over $2.8 million in tokens in two weeks.
LINK broke through key resistance levels, showing strong price momentum and forming support around $23.50 - $23.60.
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The relative strength of the token confirms the increasing appeal of Chainlink among cryptocurrency investors as a fundamental part of the infrastructure that connects traditional markets with blockchain rails, benefiting from the acceleration of institutional adoption.
On Tuesday, Sergey Nazarov, co-founder of Chainlink, stated that he met with U.S. Senator Tim Scott, chair of the Senate Banking Committee, to lead efforts to introduce a market structure bill to the Senate.
Nazarov said in a post on X: "This new version of the market structure bill has many advantages over previous versions, allowing our industry to grow rapidly in the United States with fewer restrictions."
Chainlink Reserve also supports this initiative, directing revenue from protocol integrations and services to purchase LINK tokens, reflecting stock buyback programs of public companies,