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Companies like Visa, Mastercard, SWIFT, and others are teaming up for blockchain-based payments, seeing a future for this technology. Even though cryptocurrencies have faced tough times, these big players remain optimistic about the future.
Chainlink (LINK) struggled to break the $6 resistance in the tough altcoin market. Important data on the blockchain offers signals about its price. Recently, Swift network partnered with Chainlink, CitiBank, and other global financial firms to test tokenization. A few days later, LINK briefly crossed the $6 mark on September 4th.
On August 31st, SWIFT, a global payment platform, shared results of tests using Chainlink’s infrastructure for tokenized value transfers across various blockchains. These tests included CitiBank and other financial institutions worldwide.
Chainlink (LINK) Perspective
Crypto whales, with holdings of 100,000 to 1 million LINK tokens, had 188 million tokens on August 30th. Following Swift’s report, they increased their holdings by 2 million LINK tokens.
The timing of these purchases shows that whales have more confidence in Swift’s recent update, which is helping Chainlink collaborate with both DeFi and traditional financial institutions on a large scale. If these whales keep buying, it could increase market liquidity and push the LINK price to new highs in the coming weeks.
Currently, the price is just below the crucial $6.14 zone. If it goes above and closes above $6.43, the recovery could continue towards $6.81 and $7.39. The next targets would be $7.71 and $8.20. Right now, the $5.88 level is providing support and preventing further decline.
Below this, there’s support at $5.60 and $5. Meanwhile, Bitcoin (BTC) is trading at $25,715, still following a downward trend.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
