Over the past five days, Chainlink (LINK) has had a considerable price rise; it has been gaining gradually despite opposition around the $10.60 level.
With market attitude and trading volume are so important in deciding the direction of the asset, the price movement is swinging between pessimistic and optimistic patterns. Simultaneously, a major change in the banking industry can provide Chainlink with a hopeful lift.
Leading the world in secure financial messaging, SWIFT has initiated a new infrastructure to streamline tokenized asset transfers. Given that the two companies have been working to transfer conventional financial (TradFi) data onto the blockchain, this new project could have significant implications for LINK.
Chainlink SWIFT Collaboration
The announcement by SWIFT represents a significant advancement for worldwide trading of real-world assets (RWA). By 2034, experts estimate this industry might have a shockingly $30 trillion value. Chainlink’s cross-chain interoperability protocol (CCIP), which enables flawless communication across several blockchain systems, is especially important in this sector.
Additionally, in another calculated action, SWIFT is scheduled to test payment-versus-payment (PvP) and delivery-versus-payment (DvP) services. Already supporting these purposes, Chainlink’s CCIP makes it a major player in SWIFT’s worldwide platform development.
LINK tokens, bought on the open market, drive all of Chainlink’s services; thus, the growing demand for these services could drive LINK’s price higher than $12. Chainlink’s present path also reflects the state of social media. Data reveals that conversations about “LINK” have increased.
Notwithstanding this, during the past month the count of active LINK wallets has declined 1,867, giving traders conflicting signals. Still, the market attitude appears to be one of hope. LINK’s price increased 2.6% during the past 24 hours; right now, it is $10.60.
Although the asset is still on a more general downslope, a recent bounce from the $9.00 support zone suggests a possible reversal. The price is currently approaching a significant resistance level at $11.25, which aligns with the 200-day exponential moving average (EMA) and sets a longer-term resistance goal around $13.37.
With a neckline at $12.00, analysts are also seeing a possible double-bottom reversal pattern. If LINK surpasses this level with enough volume, the price could reach around $15. If the asset fails to breach the $11.25 resistance, it could invalidate the double-bottom pattern and cause LINK to drop below the $9.00 support, potentially leading to new annual lows below $8.00.
