Chainlink's native token, LINK, experienced a notable surge of 8.3%, reaching over $26, which allowed it to outperform major cryptocurrencies such as bitcoin and ether during a pivotal market session. The rally was characterized by strong trading volume and successful breaks through key resistance levels, creating new support in the $23.50-$23.60 range. This upward movement was partly fueled by a token buyback initiative from the Chainlink Reserve, which has accumulated over $2.8 million worth of LINK in recent weeks, mirroring practices of share buybacks in public companies. Sergey Nazarov, co-founder of Chainlink, highlighted the positive implications of a new market structure bill that aims to enhance the operation of the cryptocurrency industry in the U.S. The technical analysis indicated exceptional momentum for LINK, reinforcing its appeal as a crucial infrastructure component connecting traditional financial markets with blockchain technology.

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