Chainlink’s price has been steadily climbing over the past five days, encountering occasional resistance at approximately $10.60. The overall trend for LINK price is oscillating between a bearish and a bullish pattern, with factors like volume and market sentiment determining which direction will prevail.
Meanwhile, SWIFT has introduced a global infrastructure aimed at simplifying tokenized asset transfers. This development could potentially serve as a positive signal for Chainlink, especially since the two entities have collaborated to bring traditional financial data onto the blockchain.
The new initiative by SWIFT focuses on facilitating the global trade of real-world assets (RWA), with industry experts projecting a valuation of up to $30 trillion by 2034. Chainlink plays a significant role in the RWA sector due to its cross-chain interoperability protocol (CCIP), enabling seamless connectivity across various on-chain environments.
In addition, SWIFT plans to experiment with 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’s services, all paid for with LINK tokens bought from the market, may lead to a surge in the LINK price above $12.
Social dominance data for Chainlink indicates a spike in discussions related to the cryptocurrency, with social media conversations involving the keyword ‘LINK’ hitting a yearly peak. Despite a decrease in the number of Chainlink wallets with balances, these metrics combined suggest a bullish outlook for Chainlink’s price, contingent on market stability in the near future.
Chainlink’s price analysis reveals a current downtrend, with signs of a potential reversal after rebounding from the $9.00 support level. The asset is now approaching a resistance zone near $11.25, testing the 50 EMA as a barrier. Significant support lies at $9.00, while major resistance levels are expected at $11.25, $13.37, and $12.00, which could signal a move towards $15 if broken with substantial trading volume.
A failure to surpass the $11.25 resistance might invalidate the potential double-bottom reversal pattern, possibly causing LINK price to drop below $9.00 and establish new lows under $8.00. This analysis points towards the possibility of Chainlink’s price breaking above $12 following SWIFT’s announcement of the global RWA infrastructure.