Chainlink (LINK) price has extended its bullish run above the $40 mark this week as institutional investors, such as Graph Blockchain, continued to invest in popular digital assets.
Fundamental analysis: Graph Blockchain allocates $500,000 into LINK
Graph Blockchain Inc. has announced it has deployed the final tranche into Chainlink’s token LINK, marking its third token acquisition. After announcing the $2 million deployments on April 6, Graph has invested the final tranche of half a million dollars into LINK.
“We are very excited to be deploying funds into our third token purchase. We feel strongly that Link will appreciate in value given it has a substantial market cap of over USD $13B, a fixed supply, and is possibly the most important piece of infrastructure in the blockchain ecosystem. Graph understands firsthand how valuable bridging onchain and offchain data sources is to smart contracts and Chainlink is the best solution on the market,” said Paul Haber, Graph Blockchain’s Chief Executive Officer.
Before buying LINK, Graph had deployed $1 million of its staking capital into the Polkadot (DOT) and $500,000 into the Cardano (ADA) through its wholly-owned cryptocurrency division Babbage Mining Corp.
“As we expand the crypto portfolio, Graph’s value add will include the ability going forward to leverage the crypto acquisitions into building a diversified crypto enterprise within a public company,” said Haber.
Graph Blockchain is a company that develops high-performance blockchain solutions including consulting services and data analysis. Chainlink, on the other hand, is a decentralized oracle network that sends off-blockchain data to smart contracts. In other words, it serves as a bridge between smart contracts and external data or the outside world.
Technical analysis: New all-time highs
Chainlink price has erupted about 25% this week to comfortably trade above the $40 handle. This week marks the third consecutive week of gains for LINK with the market cap of the digital asset nearly doubling since the end of March.
Chainlink (LINK) daily chart (TradingView)
Going forward, crypto traders looking to buy LINK tokens are likely to target the 161.8% Fibonacci extension line at $46.80. On the downside, the former record high at $36.90 will provide support if the price action pulls back from these levels.
Graph Blockchain said it allocated $500,000 of its staking capital into LINK token, after deploying $1.5 million into DOT and ADA several days ago. LINK price has continued to gain in recent days to print new record highs above the $44 mark.