Chainlink's LINK token surged 14% this week, defying the trend and contrasting sharply with the overall sluggish cryptocurrency market. The rally is mainly attributed to the integration of LINK with Canton Network, which targets institutional users, enabling the tokenization of real-world assets, along with ongoing capital inflows into LINK-related financial products. This stands in stark contrast to the outflows from Bitcoin ETFs. On-chain data shows that strategic token purchases are reducing supply, and technical indicators also suggest a strong upward momentum, but LINK remains vulnerable to the overall decline of Bitcoin.
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Chainlink's LINK token surged 14% this week, defying the trend and contrasting sharply with the overall sluggish cryptocurrency market. The rally is mainly attributed to the integration of LINK with Canton Network, which targets institutional users, enabling the tokenization of real-world assets, along with ongoing capital inflows into LINK-related financial products. This stands in stark contrast to the outflows from Bitcoin ETFs. On-chain data shows that strategic token purchases are reducing supply, and technical indicators also suggest a strong upward momentum, but LINK remains vulnerable to the overall decline of Bitcoin.