Chainlink Gains Bank of England Recognition as LINK Tests Key Support

Key Insights:

• Chainlink prospects across the pond improve courtesy of BOE’s recognition.
• Chainlink’s oracle footprint expanded to $8.23 trillion in the last 12 months.
• LINK price retests 4-month ascending support.

Chainlink might be about to make deeper inroads into the European market. The Bank of England just demonstrated growing interest in the network, especially in its role as critical blockchain infrastructure.

The Bank of England has reportedly acknowledged Chainlink oracle services. It recently described the blockchain network’s services as an essential part of bridging the gap between blockchains and traditional financial infrastructure.

The BOE casting the spotlight on Chainlink may not seem like a big deal at first glance. However, the fact that the central bank of one of the biggest European economies recognizes Chainlink’s role is quite significant.

In a way, the BOE confirmed that even the European markets are moving towards WEB3. While this was a nod to current trends such as tokenization, it also gave Chainlink a leg up. The latter is currently one of, if not the biggest, blockchain oracle infrastructure protocols.

Chainlink Powers Transactions Worth Over $8 Billion

Chainlink has already achieved significant growth as an oracle services provider. The latest data revealed that its oracles have so far facilitated blockchain transactions worth over $8 trillion in the last 12 months.

Even more impressive was that the network has achieved over $30 trillion in total oracle transaction value. These figures underscore the value Chainlink has delivered to date.

Despite the healthy oracle value, the network was not immune to market forces. For example, chainlink transfer volume peaked above $516 million in March. However, it has since cooled to $139 million at the time of observation.

Prior to that, the network experienced a sharp decline in address activity. Monthly active addresses peaked above 254,000 in mid-September last year and have since fallen to just over 35,000.

The decline in address activity aligned with macro market conditions as investors adopted greater caution. However, it is worth noting that transfer volumes remained elevated until March 2026, after which the volumes retreated. One plausible explanation for the disparity is the spike in RWA’s activity over the last few months. This key segment contributed significantly to boosting Chainlink oracle volumes.

LINK Price Holds Above Four-Month Support

Chainlink’s critical position as an oracle services provider has no doubt yielded healthy figures. However, that value did not trickle down proportionately to the network’s native coin, LINK crypto.

LINK price action was more consistent with the overall market conditions. It was still trading at a 66% discount from its 2025 top. Zooming in revealed an interesting price pattern.

LINK price has been forming an ascending support since it bottomed out in February this year. Its price since 10 May has retreated by about 15% to its $9.2 press time price tag.

The bearish LINK price in the last 3 weeks also mirrored overall market conditions. Moreover, it gave up all the gains previously achieved at the start of May.

Interestingly, the same pullback led to a retest of the aforementioned ascending support line. LINK price demonstrated that the same 4-month support remained intact.

The Chainlink-native network may thus be on track to achieve significant recovery as its network continues to grow. However, it is worth noting that the LINK price is less likely to be influenced by network activity or growth. It is more likely to be influenced by overall market sentiment.

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