Chainlink’s price has been on a steady rise over the last five days, encountering some hurdles around the $10.60 mark. The overall trajectory of the LINK price is hanging in the balance between a bearish and bullish trend, with market sentiment and trading volume determining the prevailing pattern.
Simultaneously, SWIFT has introduced a global system aimed at simplifying tokenized asset transfers, a development that could potentially signal good news for Chainlink. The collaboration between SWIFT and Chainlink to integrate traditional finance data onto blockchain technology could have positive implications for the future.
The latest effort by SWIFT focuses on streamlining tokenized asset transfers, specifically in the realm of real-world assets (RWA). Industry experts project RWA trading could hit a $30 trillion market value by 2034. Chainlink plays a critical role in the RWA sector with its cross-chain interoperability protocol, facilitating connectivity across diverse on-chain ecosystems.
In a further move, SWIFT plans to trial multi-ledger Delivery-versus-Payment (DvP) and Payment-versus-Payment (PvP) transactions on its global network, a service already provided by Chainlink through its CCIP. Demand for Chainlink’s services, payable with LINK tokens, might trigger a surge in LINK’s price, potentially exceeding $12.
Recent data reveals a spike in Chainlink’s social dominance, with a surge in discussions related to ‘LINK’ on social media platforms. Although the number of wallets with LINK balances decreased by 1,867 last month, the increased social activity suggests a positive outlook for Chainlink’s price, contingent upon market stability.
Chainlink’s current price action hints at a possible uptrend, with a reversal from the $9.00 support level indicating a move towards the $11.25 resistance area. The asset faces significant hurdles at $11.25 and $13.37, but if it manages to breach key resistance levels, hitting $15 becomes a feasible target.
On the flip side, failing to surpass $11.25 could thwart the potential double-bottom reversal pattern, leading to LINK price plunging below $9.00 support and establishing new lows under $8.00. The future path of Chainlink’s price remains intertwined with market developments and the successful implementation of SWIFT’s new RWA infrastructure.