Coinspeaker Chainlink (LINK) Price Signal Imminent Rebounds Ahead Fueled by Successful Completion of Tokenization Pilot Project
Chainlink LINK $10.84 24h volatility: 3.5% Market cap: $6.78 B Vol. 24h: $450.36 M price has been consolidating in a horizontal channel between $9.2 and $12.9 since the August 5, 2024 crypto crash. The mid-cap altcoin, with a fully diluted valuation of about $10.5 billion and a daily average traded volume of around $443 million, has gradually gained bullish momentum amid the highly anticipated altseason.
From a technical analysis standpoint, LINK price, in the weekly time frame, has been retesting the macro bullish breakout from the 2022 crypto bear market that happened in the fourth quarter of last year. Having established a solid support level above $9.2, LINK price is well positioned for another bullish breakout in the coming months towards its all-time high.
However, the LINK price must consistently close above the resistance range between $12.4 and $12.9 to invalidate further bleeding in the near term. Ultimately, the LINK price against Bitcoin must rebound in the near term, after being trapped in a falling trend since August 2020, to invalidate further bleeding.
As a top-tier altcoin with rising real-world utility, LINK price will heavily be impacted by the reversal of Bitcoin dominance.
Major Factors Driving Bullish Rebound for Chainlink (LINK) Price
As Coinspeaker reported, the Chainlink team has developed top-notch infrastructure to enhance the multi-chain adoption of scalable smart contracts. Amid the mainstream adoption of Web3 protocols fueled by institutional investors seeking to tokenize real-worked assets, Chainlink network has emerged as a valuable player in the recent past.
In the past two months, more than 40 Web3 projects integrated with the Chainlink network across multiple chains and verticals led by RWA, BTCFi, and LRT/LST, among others. The recent highlight was the strategic partnership between Tron DAO and Chainlink to power the $6.5 billion locked-in TRX-powered smart contracts in the future.
Earlier today the Chainlink team announced that Swift and UBS Asset Management have successfully completed a pilot program meant to settle tokenized fund subscriptions and redemption through the Swift network. The initiative by the three entities will enable 11.5k financial institutions from around the world to enable digital assets transactions to settle with fiat payments.
“Chainlink is enabling institutions to reuse Swift’s infrastructure to facilitate payments for digital asset transactions. I am very excited by the upcoming adoption of these off-chain payment capabilities and how they will increase the flow of capital and expand the possible user base of digital assets,” Sergey Nazarov, Co-Founder of Chainlink network, noted.
The Chainlink network’s data oracles are available in the majority of the DeFi ecosystem, which is expected to grow exponentially in the coming fueled by institutional investors. Most importantly, the RWA market is a trillion-dollar industry that will heavily be disrupted by Chainlink.
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Chainlink (LINK) Price Signal Imminent Rebounds Ahead Fueled by Successful Completion of Tokenization Pilot Project
