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Chainlink (LINK) has risen 1.41% to USD 12.18 in the past 24 hours, following a partnership announcement with South Korean technology company LG CNS. The token gained ground while Bitcoin traded largely flat, although selling pressure remained visible across the market.
Chainlink announced on October 22 that it had partnered with LG CNS, the technology services arm of LG Group, to develop digital asset infrastructure for Korean financial institutions.
The agreement covers stablecoins, tokenized securities and technology that connects different blockchain networks. The companies are targeting South Korea's digital asset market, valued at approximately USD 68 billion, with more than 11 million eligible users.
LG CNS plans to use Chainlink's data and cross-chain services in its institutional digital asset platform. Both companies will work on technical standards for financial institutions using blockchain-based products.
Hongkeun Kim, head of LG CNS's Digital Business Division, said the companies "aim to accelerate the growth of Korea's tokenized securities market."
The agreement comes after LG CNS partnered with Securitize to develop tokenized assets and stablecoin services. However, Chainlink and LG CNS have not announced when their joint services will become commercially available.
Beyond the partnership, Chainlink attracted attention after a large wallet reportedly purchased more than 80,000 LINK through CoWSwap for approximately USD 1.02 million.
CoinGlass data showed that Chainlink's Whale vs Retail Delta climbed to 0.594 on October 22, recovering from readings near 0.10. The increase pointed to stronger activity among large holders compared with retail traders.
However, buying activity remained uneven. CryptoQuant's spot and futures taker indicators continued to show that sellers controlled more aggressive trades than buyers.
LINK trading volume fell 17.55% over the measured period. The decline suggested that the price increase had not been accompanied by broader trading activity.
Despite the selling pressure, some derivatives readings improved on Friday. CoinGlass data placed LINK's long-to-short ratio at 1.16, its highest level in more than a month.
Funding rates also turned positive at 0.0057%, showing that traders holding long positions were paying those holding short positions.
The readings pointed to stronger long positioning, although they did not establish that buying demand had overtaken selling activity.
The latest move follows previous developments in Chainlink's ecosystem including the launch of CCIP Vault Adapters on October 8.
Separately, Chainlink ETFs attracted USD 9.48 million in net inflows on October 9, according to previously reported fund data.
Chainlink's price recovered after testing support near USD 11.93 on Thursday. However, LINK remained below its seven-day simple moving average near USD 12.19.
A move above that average would bring USD 12.33 into focus, followed by the 50-day exponential moving average at USD 12.39.
Technical indicators remained mixed. The daily relative strength index stood near 44, while the MACD remained below zero, reflecting weak buying momentum despite the latest price gain.
If LINK falls below USD 12.06, traders could turn their attention to USD 12.00 and the recent USD 11.93 support level.
A deeper decline would bring the 100-day EMA at USD 11.53 into view followed by the 200-day EMA near USD 10.98.
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