Chainlink’s price has been on an upward trend over the past five days, encountering resistance around $10.60. The LINK price is currently teetering between a bearish and bullish trend, with market sentiment and volume playing key roles in determining its trajectory.
In an interesting development, SWIFT has introduced a global infrastructure to facilitate tokenized asset transfers which could potentially bode well for Chainlink. This move signals a positive collaboration between the two entities to integrate Traditional Finance (TradFi) data on-chain.
SWIFT’s latest initiative focuses on simplifying tokenized asset transfers, allowing for real-time settlement and exchange of assets on the Swift network, particularly targeting the trading of real-world assets (RWA). This aligns with Chainlink’s expertise in the RWA space due to its cross-chain interoperability protocol (CCIP) that enhances connectivity across various on-chain environments.
Furthermore, Swift intends to pilot multi-ledger Delivery-versus-Payment (DvP) and Payment-versus-Payment (PvP) transactions on its platform, a service already offered by Chainlink through its CCIP. The demand for Chainlink services, paid for with LINK tokens purchased on the open market, could potentially drive the price of LINK above $12 if the uptrend continues.
Recent data indicates an increase in social dominance for Chainlink, with a surge in discussions on social media platforms related to ‘LINK.’ While there has been a drop in the number of Chainlink wallets with balances, the combined metrics paint a bullish picture for LINK price, contingent on market stability.
In terms of price analysis, Chainlink has experienced a short-term reversal after bouncing off the $9.00 support level and is now moving towards a resistance zone around $11.25. Key support levels at $9.00 and potential barriers at $11.25 and $13.37 are crucial for LINK’s price trajectory. A possible double bottom reversal pattern forming could signal a breakthrough above $12 towards a target of $15 with sufficient trading volume.
Overall, the recent developments between Chainlink and SWIFT present promising opportunities for LINK’s price growth, with potential implications on the broader market dynamics.