Chainlink eyes $20 breakout amid market surge

As most cryptocurrencies have experienced bearishness in the past several days, Chainlink has remained relatively stable and even spiked by 6% within the last 24 hours. At the time of writing, its price is 5.84% higher than its initial price in April and has risen to $18.21 with a market capitalization of $10.6 billion. This exceptional rise comes with an even more outstanding rise in daily turnover, with a 132% increase to $850M.

Chainlink is enjoying increased positive sentiment as it finds strong support at critical points. Analysts expect it to grow by between 150% to 300% within the next few days. Michael van de Poppe, an analyst, noted that Chainlink has bounced off a significant support level and could result in higher prices, indicating that the least has been made. He also said that the cost of the product might rise by as much as 300%.

This is primarily fueled by its close relationship with SWIFT, a reputable organization providing global secure financial messaging services. This was evident in the Consensus conference in Austin, Texas, where Chainlink and SWIFT were part of the presentation. It has only been a year since their partnership started, showing how one may integrate classical FI applications with blockchain. Thus aspiring to the further development of both companies in the sphere of the digital economy.

In a recent interview, Sergey Nazarov, one of the co-founders of Chainlink, talked positively about Ethereum and other assets. He particularly mentioned the latest approval of Ethereum ETFs, which he said is just the beginning of what is expected in the Blockchain sector. In a way, Nazarov’s quote, expressing an optimistic view that this is only the start of growth and development within this segment, captures this best.

It has remained present in technological advancement. Recently, it has shared its advancements on various blockchains, such as Ethereum, Arbitrum, Polygon, and Base. These updates demonstrate that Chainlink is essential to enhancing the capacities and connectivity of multiple blockchains.

In addition to these advancements, the applicability of Chainlink was demonstrated in a test with the Depository Trust & Clearing Corporation (DTCC), which is the largest such body in America. This trial also featured key Wall Street institutions like JP Morgan and BNY Mellon, where they used Chainlink’s cross-chain compatibility protocol. This experiment, aptly named Smart NAV, made it possible to convert mutual fund information into tokens and access them on a public network, marking a significant step in adopting blockchain in traditional financial sectors.

Chainlink has been widely acknowledged in the world of tokenization. In their weekly research newsletter, the crypto investment firm 21Shares most recently praised Chainlink’s innovations in this area. The firm admitted that Chainlink’s technology has facilitated $10 Trillion worth of transactions across over 2000 projects and 22 networks.

As Chainlink continues to prove itself and forge essential partnerships in the finance and blockchain sectors, the crypto-religion is gradually learning that it is making a practical difference in digital assets. Despite fluctuations and uncertainties in the market, Chainlink has shown great potential and established itself as a link to future acceptance and further technological development.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

Related Articles

Back to top button
Bitcoin (BTC) $ 61,908.59
Ethereum (ETH) $ 3,409.26
Tether (USDT) $ 1.00
BNB (BNB) $ 577.92
Solana (SOL) $ 137.78
XRP (XRP) $ 0.477341
Dogecoin (DOGE) $ 0.126808
Cardano (ADA) $ 0.393397